US SB1381 | 2009-2010 | 111th Congress
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on June 25 2009 - 25% progression, died in chamber
Action: 2009-06-25 - Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7094-7095)
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on June 25 2009 - 25% progression, died in chamber
Action: 2009-06-25 - Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7094-7095)
Text: Latest bill text (Introduced) [PDF]
Summary
Small Business Tax Relief Act of 2009 - Amends Internal Revenue Code provisions relating to small business to: (1) increase and make permanent the election to expense small business assets, including computer software, in the current taxable year; (2) reduce graduated tax rates for corporations with taxable incomes of less than $10 million; (3) exempt income attributable to business tax credits from the alternative minimum tax (AMT); (4) allow five-year carrybacks for business tax credits and small business net operating losses; (5) allow an enhanced tax deduction for income attributable to small business domestic production activities; (6) reduce to five years the recognition period for the built-in gains of S corporations; (7) exclude from gross income all gain from the sale of certain small business stock before 2011; and (8) allow a deduction from the income of self-employed individuals for health insurance costs.
Title
Small Business Tax Relief Act of 2009
Sponsors
Sen. Chuck Grassley [R-IA] |
History
Date | Chamber | Action |
---|---|---|
2009-06-25 | Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7094-7095) | |
2009-06-25 | Sponsor introductory remarks on measure. (CR S7091-7094) |
Subjects
Business investment and capital
Capital gains tax
Computers and information technology
Health care costs and insurance
Income tax credits
Income tax deductions
Income tax exclusion
Income tax rates
Securities
Self-employed
Small business
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/111th-congress/senate-bill/1381/all-info |
Text | https://www.congress.gov/111/bills/s1381/BILLS-111s1381is.pdf |