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HR 8559 117th Congress House Taxation

Small Business Owner Tax Relief Act of 2022

Introduced: July 28, 2022 Introduced by: Craig, Angie Democratic · Minnesota See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 28, 2022
Referred to the House Committee on Ways and Means.
Jul 28, 2022
Introduced in House
 Plain-English summary Congressional Research Service

Small Business Owner Tax Relief Act of 2022

This bill increases the tax deduction for the payroll taxes of small businesses and imposes an excise tax on corporations for their stock repurchases.

The bill allows self-employed taxpayers earning less than $400,000 in a taxable year to deduct three-quarters (currently, one-half) of their payroll taxes.

The bill also imposes an excise tax of 0.8% on the fair market value of any stock of a publicly traded domestic corporation that is repurchased by the corporation during the taxable year.

What's happening now July 28, 2022

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1