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HR 9 112th Congress House Taxation Income tax deductions Small business Wages and earnings

Small Business Tax Cut Act

Introduced: March 21, 2012 See on congress.gov
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 Everywhere this bill has been 20 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 23, 2012
Received in the Senate and Read twice and referred to the Committee on Finance.
Apr 19, 2012
Motion to reconsider laid on the table Agreed to without objection.
Apr 19, 2012
On passage Passed by the Yeas and Nays: 235 - 173, 1 Present (Roll no. 177). (text: CR H1990-1991)
Apr 19, 2012
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 235 - 173, 1 Present (Roll no. 177).(text: CR H1990-1991)
Apr 19, 2012
On motion to recommit with instructions Failed by recorded vote: 179 - 229 (Roll no. 176). (consideration: CR H2009-2010)
Apr 19, 2012
The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H2009)
Apr 19, 2012
DEBATE - The House proceeded with 10 minutes of debate on the Deutch motion to recommit with instructions. The instructions contained in the motion seek to report the same back to the House forthwith with amendments to prevent the tax deduction from allowing companies to ship jobs overseas. It would also prevent the tax deduction from being used on income from prostitution, pornography, drug trafficking, lobbying, golf courses that discriminate based on sex or race, or by taxpayers who violate Iran sanctions. Further, any Member of Congress taking the deduction would have to disclose the deduction amount and type of business income from which it came.
Apr 19, 2012
Mr. Deutch moved to recommit with instructions to Ways and Means. (consideration: CR H2008-2010; text: CR H2008)
Apr 19, 2012
DEBATE - Pursuant to the provisions of H. Res. 620, as amended, the House proceeded with 25 minutes of debate on the Levin substitute amendment.
Apr 19, 2012
DEBATE - Pursuant to the provisions of H.Res. 620, as amended, the House proceeded with 70 minutes of debate on H.R. 9.
Apr 19, 2012
Rule provides for consideration of H.R. 9 with 1 hour of general debate. Motion to recommit with or without instructions allowed. Measure will be considered read. A specified amendment is in order. The resolution waives all points of order against consideration of the bill. The resolution provides that the amendment in the nature of a substitute, now printed in the bill, shall be considered as adopted. The resolutions waives all points of order against provisions of the bill, as amended. The resolution makes in order the amendment in the nature of a substitute, for 20 minutes of debate, which shall not be subject to amendment.
Apr 19, 2012
Considered under the provisions of rule H. Res. 620. (consideration: CR H1981-1989, H1990-2010)
Apr 19, 2012
Rule H. Res. 620 passed House.
Apr 17, 2012
Rules Committee Resolution H. Res. 620 Reported to House. Rule provides for consideration of H.R. 9 with 1 hour of general debate. Motion to recommit with or without instructions allowed. Measure will be considered read. A specified amendment is in order. The resolution waives all points of order against consideration of the bill. The resolution provides that the amendment in the nature of a substitute, now printed in the bill, shall be considered as adopted. The resolutions waives all points of order against provisions of the bill, as amended. The resolution makes in order the amendment in the nature of a substitute, for 20 minutes of debate, which shall not be subject to amendment.
Apr 10, 2012
Placed on the Union Calendar, Calendar No. 292.
Apr 10, 2012
Reported (Amended) by the Committee on Ways and Means. H. Rept. 112-425.
Mar 28, 2012
Ordered to be Reported (Amended) by the Yeas and Nays: 21 - 14.
Mar 28, 2012
Committee Consideration and Mark-up Session Held.
Mar 21, 2012
Referred to the House Committee on Ways and Means.
Mar 21, 2012
Introduced in House
 Votes taken on this bill 2
DateChamberWhat was voted onResultYes–No
Apr 19, 2012 House · vote #177 On Passage Passed 235–173 See who voted →
Apr 19, 2012 House · vote #176 On Motion to Recommit with Instructions Failed 179–229 See who voted →
 Plain-English summary Congressional Research Service

(This measure has not been amended since it was reported to the House on April 10, 2012. The summary of that version is repeated here.)

Small Business Tax Cut Act - Amends the Internal Revenue Code to allow a qualified small business a tax deduction equal to 20% of the lesser of qualified domestic business income or taxable income. Defines: (1) "qualified small business" as any employer engaged in a trade or business if such employer had fewer than 500 full-time employees in either 2010 or 2011; and (2) "qualified domestic business income" as an amount equal to the excess (if any) of the taxpayer's domestic business gross receipts (i.e., gross receipts effectively connected with a trade or business within the United States) for a taxable year over the sum of the cost of goods sold allocable to such receipts and other expenses, losses, or deductions properly allocable to such receipts.

Limits the amount of such deduction to 50% of the greater of: (1) the taxpayer's W-2 wages (payroll) paid to non-owners of the taxpayer's business; or (2) the sum of the W-2 wages paid to individuals who are non-owner family members of direct owners (i.e., stockholders of the business), plus any W-2 wages paid to direct owners who have an ownership interest in the business of 10% or less.

Directs the Secretary of the Treasury to prescribe regulations to carry out this Act, including regulations to prevent a taxpayer that reorganizes from being treated as a qualified small business if such taxpayer would not have been treated as a qualified small business prior to such reorganization.

What's happening now April 23, 2012

Received in the Senate and Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 2
 Cosponsors 7
All 7 Republican 7