Small Business Tax Relief Act

Summary

Small Business Tax Relief Act - Allows an investment tax credit under the Internal Revenue Code to small businesses for depreciable property on which construction begins after April 1, 1974, or which is acquired after such time, equal to 10 percent of the qualified investment (the applicable precentage of the basis of each new such property and cost of each used such property placed in service by the taxpayer during the taxable year) up to $20,000 and 7 percent of such investment in excess of $20,000. Increases the additional first-year depreciation allowance under the Internal Revenue Code for a small business from 20 to 25 percent. Increases the cost allowance of such property on which such deduction is based from $10,000 to $15,000. Prescribes a formula for computing the last-in-first-out (LIFO) inventory adjustment for small businesses whose closing inventory is less than $200,000 and who do not use the LIFO inventory methods described in the provisions of the Internal Revenue Code. Allows small businesses a carryover for 10 years of a net operating loss.

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Timeline

1. 16 May 1974

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 16 May 1974

   Introduced

   Introduced in House

   Source: IntroReferral

3. 16 May 1974

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 16 May 1974

  Open at official source

Sponsors

• Rep. Chamberlain, Charles E. [R-MI-6] · R · Sponsor
• Rep. Archer, Bill [R-TX-7] · R · Cosponsor
• Rep. Broyhill, Joel T. [R-VA-10] · R · Cosponsor
• Rep. Burleson, Omar [D-TX-17] · D · Cosponsor
• Rep. Burke, James A. [D-MA-11] · D · Cosponsor
• Rep. Clancy, Donald D. [R-OH-2] · R · Cosponsor
• Rep. Corman, James C. [D-CA-21] · D · Cosponsor
• Rep. Duncan, John J. [R-TN-2] · R · Cosponsor
• Rep. Landrum, Phil M. [D-GA-9] · D · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Small Business Tax Relief Act