HR 656
107th Congress
House
Taxation
Accounting
Business income tax
Commerce
Cost of living adjustments
Economics and Public Finance
Finance and Financial Sector
Income tax
Indexing (Economic policy)
Inventories
Service industries
Small business
Tax administration
Cash Accounting for Small Business Act of 2001
Introduced: February 14, 2001
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 14, 2001
Referred to the House Committee on Ways and Means.
Feb 14, 2001
Sponsor introductory remarks on measure. (CR E177)
Feb 14, 2001
Introduced in House
Plain-English summary
Cash Accounting for Small Business Act of 2001 - Amends the Internal Revenue Code to prohibit an eligible taxpayer from being required to use an accrual method of accounting for a taxable year if the such taxpayer's average annual gross receipts for the preceding three-year period does not exceed $5 million (to be adjusted for inflation).
States that eligible small business taxpayers shall not be required to use inventories, and that property shall be treated as a material which is not incidental.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1