Opportunity for Family Farms and Small Businesses Act of 2009

Summary

Opportunity for Family Farms and Small Businesses Act of 2009 - Makes permanent the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) that repeal the estate and generation skipping transfer taxes and that make reductions in the gift tax. Amends the Internal Revenue Code to: (1) increase to $200,000 and make permanent the expensing allowance (i.e., a tax deduction in the current taxable year) for depreciable business assets; (2) increase the threshold for phaseout of such allowance to $800,000 (the cost basis of property placed in service); (3) allow an inflation adjustment to the expensing and threshold amounts after 2009; (4) make permanent the right of a taxpayer to revoke an election to expense business assets; (5) make permanent the inclusion of certain computer software as property eligible for expensing; and (6) allow self-employment health insurance costs as a deduction in determining net self-employment income.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 14 January 2009

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 14 January 2009

   Introduced

   Introduced in House

   Source: IntroReferral

3. 14 January 2009

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 14 January 2009 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 14 January 2009

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 14 January 2009

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 14 January 2009

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Neugebauer, Randy [R-TX-19] · R · Sponsor
• · hswm00 · Standing

Related records

• related to → Death Tax Repeal Act
• related to ← Permanent Death Tax Repeal Act of 2009
• related to ← Death Tax Repeal Permanency Act of 2009