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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  • Today: 3
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Introduced
 
House
Passed
 
Senate
Passes
 
President
Signs
 

 
03/21/12
 
04/19/12
 
 
 
 
 

Sponsor

Representative

Eric Cantor

R-VA

View Co-Sponsors (42)
 

Latest Vote

Result: Passed - April 19, 2012

Roll call number 177 in the House

Question: On Passage: H R 9 Small Business Tax Cut Act

 

Official Summary

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 s

Official Summary

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.


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