HR 3937
118th Congress
House
Taxation
Administrative law and regulatory procedures
Business investment and capital
Capital gains tax
Inflation and prices
Internal Revenue Service (IRS)
Rural conditions and development
Securities
Small business
Tax administration and collection, taxpayers
Small Business Jobs Act
Everywhere this bill has been
6 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 30, 2023
Placed on the Union Calendar, Calendar No. 100.
Jun 30, 2023
Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-128.
Jun 13, 2023
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 24 - 18.
Jun 13, 2023
Committee Consideration and Mark-up Session Held
Jun 9, 2023
Referred to the House Committee on Ways and Means.
Jun 9, 2023
Introduced in House
Plain-English summary
Small Business Jobs Act
This bill provides tax incentives for investment in small businesses. Among other provisions, the bill
- increases from $600 to $5,000 (adjusted annually for inflation) the general reporting threshold for services performed by an independent contractor or subcontractor,
- restores reporting requirements for third party network transactions,
- modifies the exclusion of gain from the sale of qualified small business stock,
- increases the ceiling for expensing of depreciable business assets,
- establishes rural opportunity zones, and
- reinstates reporting requirements for qualified opportunity zones and applies such requirements to qualified rural opportunity zones.
What's happening now
Placed on the Union Calendar, Calendar No. 100.
Committees of jurisdiction
1