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S.1498 - Small Business Tax Fairness Act

A bill to amend the Internal Revenue Code of 1986 to extend certain expiring provisions relating to 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 extend certain expiring provisions relating to small businesses, and for other purposes. as introduced.
  • Short: Small Business Tax Fairness Act as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
09/12/13
 
 
 
 
 
 
 

Official Summary

Small Business Tax Fairness Act - Amends the Internal Revenue Code to extend through 2014: (1) the 100% exclusion from gross income of gain from the sale of certain small business stock; (2) the increased amount of the tax deduction for business start-up expenses; (3) the reductions of the

Official Summary

Small Business Tax Fairness Act - Amends the Internal Revenue Code to extend through 2014:
(1) the 100% exclusion from gross income of gain from the sale of certain small business stock;
(2) the increased amount of the tax deduction for business start-up expenses;
(3) the reductions of the recognition period for built-in gains of S corporations; and
(4) the increased expensing allowance for tangible business assets, including computer software, and real property. Allows a deduction in 2013 for health insurance costs in computing self-employment taxable income.

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