S 2246
106th Congress
Senate
Taxation
Accounting
Business income tax
Commerce
Finance and Financial Sector
Income tax
Inventories
Service industries
Small business
Tax administration
Small Business Tax Accounting Simplification Act of 2000
Introduced: March 9, 2000
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 9, 2000
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1420-1421)
Mar 9, 2000
Sponsor introductory remarks on measure. (CR S1419-1420)
Mar 9, 2000
Introduced in Senate
Plain-English summary
Small Business Tax Accounting Simplification Act of 2000 - Amends the Internal Revenue Code to permit certain small businesses to use cash accounting.
Declares that a taxpayer: (1) (including certain C corporations or partnerships with a C corporation partner) shall not be required to use an accrual method of accounting for any taxable year by reason of using merchandise or inventory, if the taxpayer's (or any predecessor's) average annual gross receipts for the three-year period ending with such prior taxable year does not exceed $5 million; and (2) shall not be required to use inventories to determine income if merchandise costs for the preceding year were less than 50 percent of gross receipts for such year.
What's happening now
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1420-1421)
Committees of jurisdiction
1
Cosponsors
1