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S. 2771 111th Congress Senate

Small Business Penalty Relief Act of 2009

Official title: A bill to amend the Internal Revenue Code of 1986 to limit the penalty for failure to disclose reportable transactions based on resulting tax benefits, and for other purposes.

Introduced: November 16, 2009 See on congress.gov
Taxation Congressional oversightTax administration and collection, taxpayers
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This bill died when the 111th Congress ended
It never became law before the 111th Congress (2009–2010) 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
Nov 16, 2009
Read twice and referred to the Committee on Finance.
Nov 16, 2009
Sponsor introductory remarks on measure. (CR S11384)
Nov 16, 2009
Introduced in Senate
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 Latest action November 16, 2009

Read twice and referred to the Committee on Finance.

 Plain-English summary Congressional Research Service

Small Business Penalty Relief Act of 2009 - Amends the Internal Revenue Code to limit the penalty for failure to disclose a reportable transaction (a transaction determined by the Internal Revenue Service (IRS) as having a potential for tax avoidance or evasion) to 75% of the decrease in tax resulting from such transaction. Sets forth a maximum penalty for failure to report a reportable transaction and a minimum and maximum penalty for failure to report a listed transaction (a transaction specifically identified by the IRS as a tax avoidance transaction).

Requires the Commissioner of Internal Revenue to report by June 1, 2010, and then annually, to Congress on penalties relating to tax shelters and reportable transactions.

 Related & companion bills 3
  • HR 4068 Identical bill Small Business Penalty Relief Act of 2009
  • HR 5297 Small Business Jobs Act of 2010
  • S 2917 Small Business Penalty Fairness Act of 2009
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Republican 2
R
Crapo, Mike
Idaho · Nov 16, 2009
 R
Grassley, Chuck
Iowa · Nov 16, 2009
Cite this page click to expand
APA
U.S. Congress. (2026). S. 2771: Small Business Penalty Relief Act of 2009. 111th Congress. Open America. https://openamerica.io/bill/111-S-2771/
MLA
"S. 2771: Small Business Penalty Relief Act of 2009." 111th Congress, 2026, Open America, https://openamerica.io/bill/111-S-2771/.
Bluebook (legal)
S. 2771, 111th Cong. (2026), https://openamerica.io/bill/111-S-2771/.
Markdown link
[S. 2771: Small Business Penalty Relief Act of 2009](https://openamerica.io/bill/111-S-2771/)
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