S.2050 - Small Business Tax Extenders Act of 2012

A bill to amend the Internal Revenue Code of 1986 to extend certain provisions of the Creating Small Business Jobs Act of 2010, 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 provisions of the Creating Small Business Jobs Act of 2010, and for other purposes. as introduced.
  • Short: Small Business Tax Extenders Act of 2012 as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
01/31/12
 
 
 
 
 
 
 

Official Summary

Small Business Tax Extenders Act of 2012 - Amends the Internal Revenue Code to extend through 2012: (1) the 100% exclusion from gross income of gain from the sale or exchange of certain small business stock; (2) the five-year carryback of the general business tax credits of eligible small b

Official Summary

Small Business Tax Extenders Act of 2012 - Amends the Internal Revenue Code to extend through 2012:
(1) the 100% exclusion from gross income of gain from the sale or exchange of certain small business stock;
(2) the five-year carryback of the general business tax credits of eligible small businesses; 
(3) the offset against the alternative minimum tax (AMT) of general business tax credits;
(4) the reduction (from seven to five years) in the recognition period for the built-in gains of S corporations;
(5) the increased expensing allowance for depreciable business assets, including computer software;
(6) the special tax rule for long-term contract accounting;
(7) the increased tax deduction for small business start-up expenditures; and
(8) the tax deduction for health insurance premiums in computing self-employment taxable income.

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Organizations Supporting S.2050

  • National Association for the Self-Employed
  • Independent Community Bankers Association
  • Women Construction Owners and Executives
  • National Funeral Directors Association
  • Truck Renting and Leasing Association
  • American Farm Bureau Federation
  • ...and 22 more. See all.

Organizations Opposing S.2050

  • None via MapLight at this time.




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