H.R.3907 - Small Business Tax Relief Act of 2007

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

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to provide tax relief for small businesses. as introduced.
  • Short: Small Business Tax Relief Act of 2007 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
10/18/07
 
 
 
 
 
 
 

Official Summary

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

Official Summary

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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