H.R.3841 - Small Employer Tax Relief Act of 2005

To amend the Internal Revenue Code of 1986 to provide tax relief for small businesses, and for other purposes. view all titles (2)

All Bill Titles

  • Short: Small Employer Tax Relief Act of 2005 as introduced.
  • Official: To amend the Internal Revenue Code of 1986 to provide tax relief for small businesses, and for other purposes. as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
09/21/05
 
 
 
 
 
 
 

Official Summary

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 permanent

Official Summary

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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