H.R.4849 - Small Business and Infrastructure Jobs Tax Act of 2010

To amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, extend the Build America Bonds program, provide other infrastructure job creation tax incentives, and for other purposes. view all titles (4)

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All Bill Titles

  • Short: Small Business and Infrastructure Jobs Tax Act of 2010 as introduced.
  • Official: To amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, extend the Build America Bonds program, provide other infrastructure job creation tax incentives, and for other purposes. as introduced.
  • Short: Small Business and Infrastructure Jobs Tax Act of 2010 as reported to house.
  • Short: Small Business and Infrastructure Jobs Tax Act of 2010 as passed house.

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Introduced
 
House
Passed
 
Senate
Passes
 
President
Signs
 

 
03/15/10
 
03/24/10
 
 
 
 
 

Official Bill Text Comment on about 46 Pages
 

Latest Vote

Result: Passed - March 24, 2010

Roll call number 182 in the House

Question: On Passage: H R 4849 Small Business and Infrastructure Jobs Tax Act

Required percentage of 'Aye' votes: 1/2 (50%)
Percentage of 'aye' votes: 57%
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Democrats Voting 'Aye'

Rep. Gary Ackerman [D, NY-5]
John Adler
Rep. Jason Altmire [D, PA-4]
Rep. Robert Andrews [D, NJ-1]
Michael Arcuri
Rep. Joe Baca [D, CA-43]
Brian Baird
Rep. Tammy Baldwin [D, WI-2]
Rep. John Barrow [D, GA-12]
Melissa Bean
Rep. Xavier Becerra [D, CA-31]
Rep. Shelley Berkley [D, NV-1]
Rep. Howard Berman [D, CA-28]
Robert Berry
Rep. Timothy Bishop [D, NY-1]
Rep. Sanford Bishop [D, GA-2]
Rep. Earl Blumenauer [D, OR-3]
John Boccieri
Rep. Dan Boren [D, OK-2]
Rep. Leonard Boswell [D, IA-3]
Frederick Boucher
Allen Boyd
Rep. Robert Brady [D, PA-1]
Rep. Bruce Braley [D, IA-1]
Rep. Corrine Brown [D, FL-3]
Rep. George Butterfield [D, NC-1]
Rep. Lois Capps [D, CA-23]
Rep. Michael Capuano [D, MA-8]
Rep. Dennis Cardoza [D, CA-18]
Rep. Russ Carnahan [D, MO-3]
Christopher Carney
Rep. André Carson [D, IN-7]
Rep. Kathy Castor [D, FL-11]
Rep. Ben Chandler [D, KY-6]
Travis Childers
Rep. Judy Chu [D, CA-32]
Rep. Yvette Clarke [D, NY-11]
Rep. William Clay [D, MO-1]
Rep. James Clyburn [D, SC-6]
Rep. Steve Cohen [D, TN-9]
Rep. Gerald Connolly [D, VA-11]
Rep. John Conyers [D, MI-14]
Rep. Jim Cooper [D, TN-5]
Rep. Jim Costa [D, CA-20]
Rep. Jerry Costello [D, IL-12]
Rep. Joe Courtney [D, CT-2]
Rep. Joseph Crowley [D, NY-7]
Rep. Henry Cuellar [D, TX-28]
Rep. Elijah Cummings [D, MD-7]
Kathleen Dahlkemper
Rep. Danny Davis [D, IL-7]
Lincoln Davis
Rep. Susan Davis [D, CA-53]
Rep. Peter DeFazio [D, OR-4]
Rep. Diana DeGette [D, CO-1]
William Delahunt
Rep. Rosa DeLauro [D, CT-3]
Rep. Norman Dicks [D, WA-6]
Rep. John Dingell [D, MI-15]
Rep. Lloyd Doggett [D, TX-25]
Rep. Joe Donnelly [D, IN-2]
Rep. Michael Doyle [D, PA-14]
Steve Driehaus
Thomas Edwards
Rep. Donna Edwards [D, MD-4]
Rep. Keith Ellison [D, MN-5]
Brad Ellsworth
Rep. Eliot Engel [D, NY-17]
Rep. Anna Eshoo [D, CA-14]
Bob Etheridge
Rep. Sam Farr [D, CA-17]
Rep. Chaka Fattah [D, PA-2]
Rep. Bob Filner [D, CA-51]
Bill Foster
Rep. Barney Frank [D, MA-4]
Rep. Marcia Fudge [D, OH-11]
Rep. John Garamendi [D, CA-10]
Rep. Gabrielle Giffords [D, AZ-8]
Rep. Charles Gonzalez [D, TX-20]
Barton Gordon
Alan Grayson
Rep. Al Green [D, TX-9]
Rep. Raymond Green [D, TX-29]
Rep. Raul Grijalva [D, AZ-7]
Rep. Luis Gutiérrez [D, IL-4]
John Hall
Deborah Halvorson
Phil Hare
Rep. Jane Harman [D, CA-36]
Rep. Alcee Hastings [D, FL-23]
Rep. Martin Heinrich [D, NM-1]
Stephanie Herseth Sandlin
Rep. Brian Higgins [D, NY-27]
Baron Hill
Rep. James Himes [D, CT-4]
Rep. Maurice Hinchey [D, NY-22]
Rep. Rubén Hinojosa [D, TX-15]
Rep. Mazie Hirono [D, HI-2]
Paul Hodes
Rep. Tim Holden [D, PA-17]
Rep. Rush Holt [D, NJ-12]
Rep. Michael Honda [D, CA-15]
Rep. Steny Hoyer [D, MD-5]
Rep. Jay Inslee [D, WA-1]
Rep. Steve Israel [D, NY-2]
Rep. Jesse Jackson [D, IL-2]
Rep. Sheila Jackson-Lee [D, TX-18]
Rep. Henry Johnson [D, GA-4]
Rep. Eddie Johnson [D, TX-30]
Steve Kagen
Paul Kanjorski
Rep. Marcy Kaptur [D, OH-9]
Patrick Kennedy
Rep. Dale Kildee [D, MI-5]
Mary Jo Kilroy
Rep. Ronald Kind [D, WI-3]
Ann Kirkpatrick
Rep. Larry Kissell [D, NC-8]
Ron Klein
Suzanne Kosmas
Frank Kratovil
Rep. Dennis Kucinich [D, OH-10]
Rep. James Langevin [D, RI-2]
Rep. Rick Larsen [D, WA-2]
Rep. John Larson [D, CT-1]
Rep. Barbara Lee [D, CA-9]
Rep. Sander Levin [D, MI-12]
Rep. John Lewis [D, GA-5]
Rep. Daniel Lipinski [D, IL-3]
Rep. David Loebsack [D, IA-2]
Rep. Zoe Lofgren [D, CA-16]
Rep. Nita Lowey [D, NY-18]
Rep. Ben Luján [D, NM-3]
Rep. Stephen Lynch [D, MA-9]
Daniel Maffei
Rep. Carolyn Maloney [D, NY-14]
Rep. Edward Markey [D, MA-7]
Betsy Markey
James Marshall
Rep. Jim Matheson [D, UT-2]
Rep. Doris Matsui [D, CA-5]
Rep. Carolyn McCarthy [D, NY-4]
Rep. Betty McCollum [D, MN-4]
Rep. James McDermott [D, WA-7]
Rep. James McGovern [D, MA-3]
Rep. Mike McIntyre [D, NC-7]
Michael McMahon
Rep. Jerry McNerney [D, CA-11]
Kendrick Meek
Rep. Gregory Meeks [D, NY-6]
Charles Melancon
Rep. Michael Michaud [D, ME-2]
Rep. Bradley Miller [D, NC-13]
Rep. George Miller [D, CA-7]
Alan Mollohan
Dennis Moore
Rep. Gwen Moore [D, WI-4]
Rep. James Moran [D, VA-8]
Patrick Murphy
Scott Murphy
Rep. Christopher Murphy [D, CT-5]
Rep. Jerrold Nadler [D, NY-8]
Rep. Grace Napolitano [D, CA-38]
Rep. Richard Neal [D, MA-2]
James Oberstar
David Obey
Rep. John Olver [D, MA-1]
Solomon Ortiz
Rep. Frank Pallone [D, NJ-6]
Rep. William Pascrell [D, NJ-8]
Rep. Edward Pastor [D, AZ-4]
Rep. Donald Payne [D, NJ-10]
Rep. Ed Perlmutter [D, CO-7]
Thomas Perriello
Rep. Gary Peters [D, MI-9]
Rep. Collin Peterson [D, MN-7]
Rep. Chellie Pingree [D, ME-1]
Rep. Jared Polis [D, CO-2]
Earl Pomeroy
Rep. David Price [D, NC-4]
Rep. Mike Quigley [D, IL-5]
Rep. Nick Rahall [D, WV-3]
Rep. Charles Rangel [D, NY-15]
Rep. Silvestre Reyes [D, TX-16]
Rep. Laura Richardson [D, CA-37]
Ciro Rodriguez
Rep. Mike Ross [D, AR-4]
Rep. Steven Rothman [D, NJ-9]
Rep. Lucille Roybal-Allard [D, CA-34]
Rep. Dutch Ruppersberger [D, MD-2]
Rep. Bobby Rush [D, IL-1]
Rep. Timothy Ryan [D, OH-17]
John Salazar
Rep. Loretta Sanchez [D, CA-47]
Rep. Linda Sánchez [D, CA-39]
Rep. John Sarbanes [D, MD-3]
Rep. Janice Schakowsky [D, IL-9]
Mark Schauer
Rep. Adam Schiff [D, CA-29]
Rep. Kurt Schrader [D, OR-5]
Rep. Allyson Schwartz [D, PA-13]
Rep. Robert Scott [D, VA-3]
Rep. David Scott [D, GA-13]
Rep. José Serrano [D, NY-16]
Joe Sestak
Carol Shea-Porter
Rep. Brad Sherman [D, CA-27]
Rep. Heath Shuler [D, NC-11]
Rep. Albio Sires [D, NJ-13]
Ike Skelton
Rep. Louise Slaughter [D, NY-28]
Victor Snyder
Zachary Space
Rep. Jackie Speier [D, CA-12]
John Spratt
Rep. Fortney Stark [D, CA-13]
Bart Stupak
Rep. Betty Sutton [D, OH-13]
John Tanner
Harry Teague
Rep. Michael Thompson [D, CA-1]
Rep. Bennie Thompson [D, MS-2]
Rep. John Tierney [D, MA-6]
Dina Titus
Rep. Paul Tonko [D, NY-21]
Rep. Edolphus Towns [D, NY-10]
Rep. Niki Tsongas [D, MA-5]
Rep. Christopher Van Hollen [D, MD-8]
Rep. Nydia Velázquez [D, NY-12]
Rep. Peter Visclosky [D, IN-1]
Rep. Timothy Walz [D, MN-1]
Rep. Debbie Wasserman Schultz [D, FL-20]
Rep. Maxine Waters [D, CA-35]
Diane Watson
Rep. Melvin Watt [D, NC-12]
Rep. Henry Waxman [D, CA-30]
Rep. Anthony Weiner [D, NY-9]
Rep. Peter Welch [D, VT-0]
Charles Wilson
Rep. Lynn Woolsey [D, CA-6]
Rep. David Wu [D, OR-1]
Rep. John Yarmuth [D, KY-3]
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Others Voting 'Aye'

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Republicans Voting 'Abstain'

Henry Brown
Peter Hoekstra
Close

Others Voting 'Abstain'

 

Official Summary

3/24/2010--Passed House amended. Small Business and Infrastructure Jobs Tax Act of 2010 - Title I: Small Business Tax Incentives - Subtitle A: General Provisions - (Sec. 101) Amends the Internal Revenue Code to allow a 100% exclusion from gross income of the gain from the sale of qualified
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Official Summary

3/24/2010--Passed House amended. Small Business and Infrastructure Jobs Tax Act of 2010 - Title I: Small Business Tax Incentives - Subtitle A: General Provisions -

(Sec. 101)

Amends the Internal Revenue Code to allow a 100% exclusion from gross income of the gain from the sale of qualified small business stock acquired after March 15, 2010, and before January 1, 2012. Exempts such gain from the alternative minimum tax (AMT). Subtitle B: Limitations and Reporting on Certain Penalties -

(Sec. 111)

Limits the penalty for failure to disclose a reportable transaction (a transaction determined by the Internal Revenue Service [IRS] as having a potential for tax avoidance or evasion) to 75% of the decrease in tax resulting from such transaction. Sets forth minimum and maximum penalties for failure to disclose a listed transaction (a transaction specifically identified by the IRS as a tax avoidance transaction) and reportable transactions.

(Sec. 112)

Requires the Commissioner of Internal Revenue to report, annually, to the House Committee on Ways and Means and the Senate Committee on Finance on penalties relating to tax shelters and reportable transactions. Subtitle C: Other Provisions -

(Sec. 121)

Revises the definition of "qualified nonrecourse financing" to include qualified nonrecourse real property or Small Business Investment Company financing as amounts at risk for purposes of determining the deductibility of losses from certain investment activities, including farming, leasing, and energy exploration.

(Sec. 122)

Increases in 2010 and 2011 the tax deduction for business start-up expenditures. Title II: Infrastructure Incentives -

(Sec. 201)

Extends through March 31, 2013, the period for issuing Build America Bonds and for credits allowable to issuers of such bonds. Allows expenditures for flood control projects to be financed by Build America Bonds.

(Sec. 202)

Exempts private activity bonds for sewage and water supply facilities from the state volume caps applicable to such bonds. Allows Indian tribal governments to issue tax-exempt private activity bonds to provide water or sewage facilities.

(Sec. 203)

Extends through 2011 the exemption from AMT treatment of interest on certain tax-exempt bonds.

(Sec. 204)

Allow taxpayers to take elective payments in lieu of low-income housing tax credits for low-income buildings financed by tax-exempt bonds. Terminates such election for buildings placed in service after 2010.

(Sec. 205)

Extend through 2011 the period for issuing recovery zone economic development bonds and recovery zone facility bonds. Requires the Secretary of the Treasury to allocate 2010 national limitations on recovery bonds based upon state unemployment statistics.

(Sec. 206)

Allows a full offset against the AMT for new market tax credit amounts. Title III: Revenue Provisions -

(Sec. 301)

Prohibits a reduction of tax withholding for payments made by a U.S. subsidiary of a foreign parent corporation to a related subsidiary in any country that has a tax treaty with the United States, except for payments made directly to the foreign parent corporation.

(Sec. 302)

Allows nonrecognition of gain in a corporate reorganization for corporations that exchange property solely for stock other than nonqualified preferred stock.

(Sec. 303)

Repeals tax rules that treat as foreign source income interest or dividends paid by a resident alien individual or a U.S. corporation that meets the 80% active foreign business income requirement.

(Sec. 304)

Treats rental income from real estate as a trade or business activity for tax reporting purposes.

(Sec. 305)

Expands the continuous tax levy on payments to vendors for goods and services to include payments for all property, goods, or services and for delinquent employment taxes owed by such vendors.

(Sec. 307)

Expands rules for valuing assets in grantor retained annuity trusts to require:
(1) that the right to receive fixed amounts from an annuity last for a term of not less than 10 years and that such fixed amounts not decrease during the first 10 years of the annuity term; and
(2) that the remainder interest have a value greater than zero when transferred.

(Sec. 308)

Increases the penalties for failure to file correct information returns and for intentional disregard of reporting requirements.

(Sec. 309)

Excludes from the definition of "cellulosic biofuel" for purposes of the cellulosic biofuel producer tax credit any processed fuel with an acid number greater than 25. Defines "processed fuel" as a fuel consisting of more than 4% combined water and sediment or more than 1% ash.

(Sec. 310)

Increases estimated tax payments for corporations with assets of $1 billion or more. Title IV: Extension of Emergency Contingency Fund for State Temporary Assistance for Needy Families Programs -

(Sec. 401)

Amends part A of title IV (Temporary Assistance to Needy Families [TANF]) of the Social Security Act to extend funding for the Emergency Contingency Fund (Fund) through FY2011. Limits payments to states for the Fund in FY2009-FY2011. Directs the Secretary of Health and Human Services to issue program guidance on payments from the Fund for subsidized employment.

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Recent News Coverage

View All (32)  |  View Top Rated

04/07/10
High Net Worth Family Tax Report, Vol. 5 No. 1

That legislation has now been introduced as a provision in HR 4849, "The Small Business and Infrastructure Jobs Tax Act of 2010," and would also make two ...

Source: Mondaq News Alerts (registration)
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04/05/10
Proposed legislative action would restrict GRAT planning

On March 24, 2010, the US House passed HR 4849, the “Small Business and Infrastructure Jobs Act of 2010,” only eight days after its introduction. ...

Source: Lexology (registration)
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04/03/10
Wealthy might have to kiss their GRATs goodbye

Though the jobs part of the bill enjoys bipartisan support, the House vote on HR 4849 was one-sided, pointed out Ronald Aucutt, leader of the ...

Source: InvestmentNews
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Information made available by Daily Life
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Recent Blog Coverage

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12/19/10
Wie können die Humanressourcen Erhöhen Geschäftsinhaber ...

Ways & Means Committee Member Allyson Schwartz (D-PA) spricht auf dem House Floor über HR 4849 Small Business-und Infrastruktur Jobs Tax Act von 2010. 24. März 2010. Mehr Human Resources für Kleinunternehmen Artikel.

Source: 7push
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12/18/10
Out of Ideas on the Economy: The President Calls for More Failed ...

March 23, 2010: The House approved H.R. 4849, the Small Business and Infrastructure Jobs Tax Act, which included $42.6 billion new stimulus spending. At the time, the unemployment rate was 9.7 percent. May 28, 2010: The House approved ...

Source: Home
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12/14/10
Ron Paul's Texas Straight Talk 10/25/10: Government and Job ...

Here is a small fraction of the bills SMALL FRACTION hr 4213 S 3816 s 3628 HR 875 s 425? hr 5982 HR 5893 hr 2847 hr 4567 hr 3058 hr 5576 hr 2829 hr 3598 hr 4849 hr 7060 hr 3056 hr 4520 hr 4931 hr 4279 hr 27 hr 5486 hr 5297 hr 5175 ...

Source: Government Local Jobs
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