U.S. Congress - H.R.9 Small Business Tax Cut Act
H.R.9 - Small Business Tax Cut Act
To amend the Internal Revenue Code of 1986 to provide a deduction for domestic business income of qualified small businesses. view all titles (4)
All Bill Titles
- Short: Small Business Tax Cut Act as introduced.
- Official: To amend the Internal Revenue Code of 1986 to provide a deduction for domestic business income of qualified small businesses. as introduced.
- Short: Small Business Tax Cut Act as reported to house.
- Short: Small Business Tax Cut Act as passed house.
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Bill's Views
- Today: 4
- Past Seven Days: 30
- All-Time: 2,794
Committees
Latest Vote
Roll call number 177 in the House
Question: On Passage: H R 9 Small Business Tax Cut Act
Official Summary
4/19/2012--Passed House amended. (This measure has not been amended since it was reported to the House on April 10, 2012. The summary of that version is repeated here.) Small Business Tax Cut Act - Amends the Internal Revenue Code to allow a qualified small business a tax deduction equal tOfficial Summary
4/19/2012--Passed House amended. (This measure has not been amended since it was reported to the House on April 10, 2012. The summary of that version is repeated here.) Small Business Tax Cut Act - Amends the Internal Revenue Code to allow a qualified small business a tax deduction equal to 20% of the lesser of qualified domestic business income or taxable income. Defines:(1) "qualified small business" as any employer engaged in a trade or business if such employer had fewer than 500 full-time employees in either 2010 or 2011; and
(2) "qualified domestic business income" as an amount equal to the excess (if any) of the taxpayer's domestic business gross receipts (i.e., gross receipts effectively connected with a trade or business within the United States) for a taxable year over the sum of the cost of goods sold allocable to such receipts and other expenses, losses, or deductions properly allocable to such receipts. Limits the amount of such deduction to 50% of the greater of:
(1) the taxpayer's W-2 wages (payroll) paid to non-owners of the taxpayer's business; or
(2) the sum of the W-2 wages paid to individuals who are non-owner family members of direct owners (i.e., stockholders of the business), plus any W-2 wages paid to direct owners who have an ownership interest in the business of 10% or less. Directs the Secretary of the Treasury to prescribe regulations to carry out this Act, including regulations to prevent a taxpayer that reorganizes from being treated as a qualified small business if such taxpayer would not have been treated as a qualified small business prior to such reorganization.
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Organizations Supporting H.R.9
- Academy of General Dentistry
- Acushnet
- American Academy of Periodontology
- American Association of Orthodontists
- American Dental Association
- American Truckers Association
- ...and 33 more. See all.
Organizations Opposing H.R.9
- None via MapLight at this time.
Latest Letters to Congress
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H.R.9 Small Business Tax Cut Act
AmandaHeintzelman
April 30, 2012
I am writing as your constituent in the 1st Congressional district of Nevada. Please hear me entirely, as what I have to say is important. I have never written a Representative before, and am writing you because I believe you are one of the few left who does actually represent his constituents most of the time. Also, I believe that you are well respected in your party, and I would urge you to convince them of what I hope I will convince you of.
It's people like me you should be listening to... -
H.R.9 Small Business Tax Cut Act
spiffy3
April 20, 2012
I am writing as your constituent in the 1st Congressional district of Utah. I support H.R.9 - Small Business Tax Cut Act, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Rep. Bishop, your most-recent roll call vote on this bill was 'Abstain'.
Sincerely,
Ammon Nelson -
H.R.9 Small Business Tax Cut Act
Lindalkt
April 16, 2012
I am writing as your constituent in the 6th Congressional district of Wisconsin. I oppose H.R.9 - Small Business Tax Cut Act,
because this goes against the 'free market' model
and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Sincerely,
Linda Tipler
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