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H.R.46 - Small Business Tax Fairness and Simplification Act of 2007

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

All Bill Titles

  • Short: Small Business Tax Fairness and Simplification Act of 2007 as introduced.
  • Official: To amend the Internal Revenue Code of 1986 to provide tax incentives for small businesses, and for other purposes. as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
01/04/07
 
 
 
 
 
 
 

Official Summary

Small Business Tax Fairness and Simplification Act of 2007 - Amends the Internal Revenue Code to: (1) allow self-employed individuals to participate in cafeteria pension plans; (2) allow long-term care insurance under cafeteria plans and flexible spending arrangements; (3) allow accelerated

Official Summary

Small Business Tax Fairness and Simplification Act of 2007 - Amends the Internal Revenue Code to:
(1) allow self-employed individuals to participate in cafeteria pension plans;
(2) allow long-term care insurance under cafeteria plans and flexible spending arrangements;
(3) allow accelerated amortization of certain intangible assets (e.g., good will) acquired from a small business;
(4) increase the tax exclusion of gain from the sale of certain small business stock;
(5) provide a $2,500 standard tax deduction for home business expenses;
(6) permit certain small businesses to elect a taxable year ending in a month from April to November;
(7) increase the allowable number of S corporation shareholders; and
(8) exempt certain small businesses from withholding of tax requirements for payments made by government entities.

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