H.R.1993 - American Job Builders Tax Reform Act of 2011

To amend the Internal Revenue Code of 1986 to modify timing rules for determining gross income with respect to certain construction contracts. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to modify timing rules for determining gross income with respect to certain construction contracts. as introduced.
  • Short: American Job Builders Tax Reform Act of 2011 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
05/25/11
 
 
 
 
 
 
 

Sponsor

H000528

Representative

Walter Herger

R-CA

View Co-Sponsors (11)

Official Summary

American Job Builders Tax Reform Act of 2011 - Amends the Internal Revenue Code to: (1) increase from $10 million to $40 million the gross receipts threshold for determining whether a small contractor may adopt an accounting method for reporting income from a construction contract other tha

Official Summary

American Job Builders Tax Reform Act of 2011 - Amends the Internal Revenue Code to:
(1) increase from $10 million to $40 million the gross receipts threshold for determining whether a small contractor may adopt an accounting method for reporting income from a construction contract other than the percentage of completion method;
(2) allow an annual inflation adjustment to such increased $40 million threshold amount, beginning after 2011; and
(3) exempt construction contracts from alternative minimum tax rules for reporting income from long-term contracts under the percentage of completion accounting method.

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