Small Business Owner Tax Relief Act of 2022

Summary

Small Business Owner Tax Relief Act of 2022 This bill increases the tax deduction for the payroll taxes of small businesses and imposes an excise tax on corporations for their stock repurchases. The bill allows self-employed taxpayers earning less than $400,000 in a taxable year to deduct three-quarters (currently, one-half) of their payroll taxes. The bill also imposes an excise tax of 0.8% on the fair market value of any stock of a publicly traded domestic corporation that is repurchased by the corporation during the taxable year.

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Timeline

1. 28 July 2022

   Introduced

   Introduced in House

   Source: IntroReferral

2. 28 July 2022

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

3. 28 July 2022

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 28 July 2022 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 28 July 2022

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 28 July 2022

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 28 July 2022

  Open at official source

Sponsors

• Angie Craig · D · Sponsor
• Dean Phillips · D · Cosponsor
• · hswm00 · Standing

Related records

• related to → An act to provide for reconciliation pursuant to title II of S. Con. Res. 14.
• related to → Student Debt Relief and College Affordability Act