Official Summary

1/31/2012--Introduced.Small Business Tax Extenders Act of 2012 - Amends the Internal Revenue Code to extend through 2012: (1) the 100% exclusion from gross income of gain from the sale or exchange of certain small business stock; (2) the five-year carryback of the general business tax cred

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Official Summary

1/31/2012--Introduced.Small Business Tax Extenders Act of 2012 - Amends the Internal Revenue Code to extend through 2012:
(1) the 100% exclusion from gross income of gain from the sale or exchange of certain small business stock;
(2) the five-year carryback of the general business tax credits of eligible small businesses;
(3) the offset against the alternative minimum tax (AMT) of general business tax credits;
(4) the reduction (from seven to five years) in the recognition period for the built-in gains of S corporations;
(5) the increased expensing allowance for depreciable business assets, including computer software;
(6) the special tax rule for long-term contract accounting;
(7) the increased tax deduction for small business start-up expenditures; and
(8) the tax deduction for health insurance premiums in computing self-employment taxable income.

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