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S 1381 111th Congress Senate Taxation Business investment and capital Capital gains tax Computers and information technology Health care costs and insurance Income tax credits Income tax deductions Income tax exclusion Income tax rates Securities Self-employed Small business

Small Business Tax Relief Act of 2009

Introduced: June 25, 2009 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 25, 2009
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7094-7095)
Jun 25, 2009
Sponsor introductory remarks on measure. (CR S7091-7094)
Jun 25, 2009
Introduced in Senate
 Plain-English summary Congressional Research Service

Small Business Tax Relief Act of 2009 - Amends Internal Revenue Code provisions relating to small business to: (1) increase and make permanent the election to expense small business assets, including computer software, in the current taxable year; (2) reduce graduated tax rates for corporations with taxable incomes of less than $10 million; (3) exempt income attributable to business tax credits from the alternative minimum tax (AMT); (4) allow five-year carrybacks for business tax credits and small business net operating losses; (5) allow an enhanced tax deduction for income attributable to small business domestic production activities; (6) reduce to five years the recognition period for the built-in gains of S corporations; (7) exclude from gross income all gain from the sale of certain small business stock before 2011; and (8) allow a deduction from the income of self-employed individuals for health insurance costs.

What's happening now June 25, 2009

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7094-7095)

 Committees of jurisdiction 1