Official Summary

9/21/2005--Introduced.Small Employer Tax Relief Act of 2005 - Amends Internal Revenue Code provisions relating to small business, including to: (1) allow the deduction from self-employment income of self-employed health insurance costs; (2) reduce in 2006 the federal unemployment tax rate;

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Official Summary

9/21/2005--Introduced.
Small Employer Tax Relief Act of 2005 - Amends Internal Revenue Code provisions relating to small business, including to:
(1) allow the deduction from self-employment income of self-employed health insurance costs;
(2) reduce in 2006 the federal unemployment tax rate;
(3) increase permanently the expensing allowance for small business assets;
(4) repeal the alternative minimum tax on individuals after 2009;
(5) allow certain small business employers a tax credit for the training of highly-skilled employees;
(6) make permanent the work opportunity and the welfare-to-work tax credits;
(7) increase depreciation and expensing allowances for certain business assets;
(8) allow a standard tax deduction for home office expenses;
(9) revise certain S corporation requirements; and
(10) waive certain tax penalties for noncompliant tax deposits.


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