Small Business Tax Relief Act of 2007

Summary

Small Business Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) make permanent the work opportunity tax credit, the new markets tax credit, and the tax credit for increasing research activities; (2) make permanent accelerated depreciation of qualified leasehold improvement and restaurant property and expensing of environmental remediation expenditures; (3) increase the partial tax exclusion of gain from sales of certain small business stock for noncorporate business taxpayers and businesses in an empowerment zone; (4) permit certain small businesses to elect taxable years ending between April and November; (5) increase the allowable number of S corporation shareholders from 100 to 150; and (6) exempt certain small businesses from the 3% withholding requirement applicable to payments made to such businesses by government entities.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 18 October 2007

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• Introduced in House (PDF)

  Introduced in House · EN · 18 October 2007

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• Introduced in House

  summary · EN · 18 October 2007

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