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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
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This bill died when the 107th Congress ended
It never became law before the 107th Congress (2001–2002) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
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 Plain-English summary Congressional Research Service
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 February 14, 2001

Referred to the House Committee on Ways and Means.

 Related & companion bills 1
  • S 336 Identical bill Cash Accounting for Small Business Act of 2001
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 1 Republican 1
R
Calvert, Ken
California · Sep 10, 2001
 D
Velázquez, Nydia M.
New York · Feb 14, 2001
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 656: Cash Accounting for Small Business Act of 2001. 107th Congress. Open America. https://openamerica.io/bill/107-HR-656/
MLA
"H.R. 656: Cash Accounting for Small Business Act of 2001." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-HR-656/.
Bluebook (legal)
H.R. 656, 107th Cong. (2026), https://openamerica.io/bill/107-HR-656/.
Markdown link
[H.R. 656: Cash Accounting for Small Business Act of 2001](https://openamerica.io/bill/107-HR-656/)
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