Small Business Tax Relief Act of 2007

To amend the Internal Revenue Code of 1986 to provide tax relief for small businesses.

10/18/2007--Introduced.
Small Business Tax Relief Act of 2007 - Amends the Internal Revenue Code to:
(1) make permanent the work opportunity tax credit, the new markets tax credit, and the tax credit for increasing research activities;
(2) make permanent accelerated depreciation of qualified leasehold improvement and restaurant property and expensing of environmental remediation expenditures;
(3) increase the partial tax exclusion of gain from sales of certain small business stock for noncorporate business taxpayers and businesses in an empowerment zone;
(4) permit certain small businesses to elect taxable years ending between April and November;
(5) increase the allowable number of S corporation shareholders from 100 to 150; and
(6) exempt certain small businesses from the 3% withholding requirement applicable to payments made to such businesses by government entities.


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Sponsor

• Rep. Christopher Murphy [D, CT-5]

Committees

• House Ways and Means

Amendments

This bill has no amendments.

Amendments to H.R.3907

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
October 18, 2007

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All Bill Actions

• Oct 18, 2007: Referred to the House Committee on Ways and Means.
• Introduced on Oct 18, 2007.

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Related Issue Areas:

• Hazardous wastes
• Withholding tax
• Tax exclusion
• Tax deductions
• 29 more
• Tax administration
• Stocks
• Stockholders
• Solid wastes
• Small business
• Science policy
• Restaurants
• Research and development tax credit
• Public contracts
• Liability for environmental damages
• Leases
• Labor
• Income tax
• Hazardous waste sites
• Hazardous substances
• Government contractors
• Food
• Finance
• Environmental protection
• Enterprise zones
• Employment
• Economic policy
• Depressed areas
• Depreciation and amortization
• Corporation taxes
• Capital gains tax
• Business
• Brownfields
• Taxation

Data from the Congressional Research Service

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Blog Coverage

October 17, 2007 Bill Action: Introduced: HR 3907: To amend the Internal Revenue ...

Rep. Christopher Murphy [D-CT] introduced this bill. [This event matched these trackers: Active Legislation ]

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October 17, 2007 HR 3907, To amend the Internal Revenue Code of 1986 to provide tax ...

HR 3907 would amend the Internal Revenue Code of 1986 to provide tax relief for small businesses....

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