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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Timeline

1. 9 June 2010

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 9 June 2010

   Introduced

   Introduced in House

   Source: IntroReferral

3. 9 June 2010

   Introduced

   Introduced in House

   Source: IntroReferral

4. 14 June 2010

   Reported

   Rules Committee Resolution H. Res. 1436 Reported to House. Rule provides for consideration of H.R. 5486 and H.R. 5297 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. All points of order against consideration of each bill except for clauses 9 and 10 or rule XXI are waived.

   Source: Floor

5. 15 June 2010

   Passed

   Motion to reconsider laid on the table Agreed to without objection.

   Source: Floor

6. 15 June 2010

   Vote

   On passage Passed by recorded vote: 247 - 170 (Roll no. 363). (text: CR H4469-4470)

   Source: Floor

7. 15 June 2010

   Vote

   Passed/agreed to in House: On passage Passed by recorded vote: 247 - 170 (Roll no. 363).(text: CR H4469-4470)

   Source: Floor

8. 15 June 2010

   Vote

   On motion to recommit with instructions Failed by recorded vote: 187 - 230 (Roll no. 362). (consideration: CR H4479)

   Source: Floor

9. 15 June 2010

   Floor

   The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H4478)

   Source: Floor

10. 15 June 2010

    Floor

    Mr. Camp moved to recommit with instructions to Ways and Means. (consideration: CR H4477-4479; text: CR H4477)

    Source: Floor

11. 15 June 2010

    Floor

    Considered under the provisions of rule H. Res. 1436. (consideration: CR H4469-4476)

    Source: Floor

12. 15 June 2010

    Floor

    Rule provides for consideration of H.R. 5486 and H.R. 5297 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. All points of order against consideration of each bill except for clauses 9 and 10 or rule XXI are waived.

    Source: Floor

13. 15 June 2010

    Floor

    The previous question was ordered pursuant to the rule. (consideration: CR H4476)

    Source: Floor

14. 17 June 2010

    Floor

    Pursuant to the provisions of H. Res. 1436, H.R. 5486 is laid on the table.

    Source: Floor

Votes

No vote records are attached yet.

Versions

• Introduced in House · 9 June 2010 · Download file

Documents

4 official files

• Passed House without amendment

  summary · EN · 15 June 2010

  Open at official source

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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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  Vertaal document

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

• Introduced in House

  summary · EN · 9 June 2010

  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. Levin, Sander M. [D-MI-12] · D · Sponsor
• · hswm00 · Standing

Related records

• related to → Providing for consideration of the bill (H.R. 5486) to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes; and providing for consideration of the bill (H.R. 5297) to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, and for other purposes.