S 2913
109th Congress
Senate
Taxation
Accounting
Administrative procedure
Auditing
Business records
Commerce
Contractors
Contracts
Department of the Treasury
Dismissal of employees
Economics and Public Finance
Employee benefit plans
Employee selection
Finance and Financial Sector
Government Operations and Politics
Government paperwork
Labor and Employment
Labor contracts
Law
Lease and rental services
Small Business Efficiency Act of 2006
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 19, 2006
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4837-4839)
May 19, 2006
Introduced in Senate
May 19, 2006
Sponsor introductory remarks on measure. (CR S4837, S4839)
Plain-English summary
Small Business Efficiency Act of 2006 - Amends the Internal Revenue Code to treat professional employer organizations (PEOs), certified by the Internal Revenue Service (IRS), as employers for employment tax purposes (thus allowing such PEOs to pay wages and collect and remit payroll taxes on behalf of an employer).
Sets forth IRS certification requirements for PEOs, including financial review and reporting requirements. Requires a PEO to post a bond (the greater of $50,000 or 5% of the organization's tax liability for the preceding calendar year not to exceed $1,000,000) to guarantee payment of employment taxes.
What's happening now
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4837-4839)
Committees of jurisdiction
1