S.1381 - Small Business Tax Relief Act of 2009

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

All Bill Titles

  • Official: A bill to amend the Internal Revenue Code of 1986 to provide additional tax relief for small businesses, and for other purposes. as introduced.
  • Short: Small Business Tax Relief Act of 2009 as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
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06/25/09
 
 
 
 
 
 
 

Official Summary

Small Business Tax Relief Act of 2009 - Amends Internal Revenue Code provisions relating to small business to: (1) increase and make permanent the election to expense small business assets, including computer software, in the current taxable year; (2) reduce graduated tax rates for corporat

Official Summary

Small Business Tax Relief Act of 2009 - Amends Internal Revenue Code provisions relating to small business to:
(1) increase and make permanent the election to expense small business assets, including computer software, in the current taxable year;
(2) reduce graduated tax rates for corporations with taxable incomes of less than $10 million;
(3) exempt income attributable to business tax credits from the alternative minimum tax (AMT);
(4) allow five-year carrybacks for business tax credits and small business net operating losses;
(5) allow an enhanced tax deduction for income attributable to small business domestic production activities;
(6) reduce to five years the recognition period for the built-in gains of S corporations;
(7) exclude from gross income all gain from the sale of certain small business stock before 2011; and
(8) allow a deduction from the income of self-employed individuals for health insurance costs.

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