To amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes.

Summary

Small Business Jobs Tax Relief Act of 2010 - Amends the Internal Revenue Code to: (1) increase from 50% to 100% the exclusion from gross income of the gain from the sale or exchange of qualified small business stock acquired after March 15, 2010, and before January 1, 2012; (2) limit the penalty for failure to disclose a reportable transaction (a transaction determined by the Internal Revenue Service [IRS] as having a potential for tax avoidance or evasion) to 75% of the decrease in tax resulting from such transaction; (3) increase in 2010 and 2011 the tax deduction for trade or business start-up expenditures from $5,000 to $20,000; (4) revise the definition of "qualified nonrecourse financing" to include qualified nonrecourse real property or Small Business Investment Company financing as amounts at risk for purposes of determining the deductibility of losses from certain investment activities, including farming, leasing, and energy exploration; (5) exclude from gross income any amount paid under the small business borrower assistance program; (6) expand rules for valuing assets in grantor retained annuity trusts to require that the right to receive fixed amounts from an annuity last for a term of not less than 10 years, that such fixed amounts not decrease during the first 10 years of the annuity term, and that the remainder interest have a value greater than zero when transferred; and (7) exclude any fuel with an acid number greater than 25 from the definition of "cellulosic biofuel" for purposes of the tax credit for alcohol used as fuel. Requires the Commissioner of Internal Revenue to report to Congress annually on tax penalties assessed for tax shelters and reportable transactions. Increases by 7.75% the estimated tax installment for certain large corporations in the third quarter of 2015.

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Documents

4 official files

• Passed House without amendment

  summary · EN · 15 June 2010

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• Introduced in House (text)

  Introduced in House · EN · 9 June 2010

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• Introduced in House (PDF)

  Introduced in House · EN · 9 June 2010

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• Introduced in House

  summary · EN · 9 June 2010

  Open at official source

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