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HR 46 110th Congress House

Small Business Tax Fairness and Simplification Act of 2007

Official title: To amend the Internal Revenue Code of 1986 to provide tax incentives for small businesses, and for other purposes.

Introduced: January 4, 2007 Introduced by: Velázquez, Nydia M. Democratic · New York See on congress.gov
Taxation Capital gains taxCommerceCorporate mergersDepreciation and amortization
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Employee health benefitsEstates (Law)Finance and Financial SectorFlexible benefit plansGovernment Operations and PoliticsGovernment contractorsGroup insuranceHealthHome officesIncome taxIntangible propertyLabor and EmploymentLawLife insuranceLong-term care insurance
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This bill died when the 110th Congress ended
It never became law before the 110th Congress (2007–2008) 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 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 4, 2007
Referred to the House Committee on Ways and Means.
Jan 4, 2007
Introduced in House
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 Latest action January 4, 2007

Referred to the House Committee on Ways and Means.

 Plain-English summary Congressional Research Service

Small Business Tax Fairness and Simplification Act of 2007 - Amends the Internal Revenue Code to: (1) allow self-employed individuals to participate in cafeteria pension plans; (2) allow long-term care insurance under cafeteria plans and flexible spending arrangements; (3) allow accelerated amortization of certain intangible assets (e.g., good will) acquired from a small business; (4) increase the tax exclusion of gain from the sale of certain small business stock; (5) provide a $2,500 standard tax deduction for home business expenses; (6) permit certain small businesses to elect a taxable year ending in a month from April to November; (7) increase the allowable number of S corporation shareholders; and (8) exempt certain small businesses from withholding of tax requirements for payments made by government entities.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). H.R. 46: Small Business Tax Fairness and Simplification Act of 2007. 110th Congress. Open America. https://openamerica.io/bill/110-HR-46/
MLA
"H.R. 46: Small Business Tax Fairness and Simplification Act of 2007." 110th Congress, 2026, Open America, https://openamerica.io/bill/110-HR-46/.
Bluebook (legal)
H.R. 46, 110th Cong. (2026), https://openamerica.io/bill/110-HR-46/.
Markdown link
[H.R. 46: Small Business Tax Fairness and Simplification Act of 2007](https://openamerica.io/bill/110-HR-46/)
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