Small Business Tax Relief Act of 2009

Summary

Small Business Tax Relief Act of 2009 - Amends Internal Revenue Code provisions relating to small business to: (1) increase and make permanent the election to expense small business assets, including computer software, in the current taxable year; (2) reduce graduated tax rates for corporations with taxable incomes of less than $10 million; (3) exempt income attributable to business tax credits from the alternative minimum tax (AMT); (4) allow five-year carrybacks for business tax credits and small business net operating losses; (5) allow an enhanced tax deduction for income attributable to small business domestic production activities; (6) reduce to five years the recognition period for the built-in gains of S corporations; (7) exclude from gross income all gain from the sale of certain small business stock before 2011; and (8) allow a deduction from the income of self-employed individuals for health insurance costs.

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Timeline

1. 25 June 2009

   Introduced

   Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7094-7095)

   Source: IntroReferral

2. 25 June 2009

   Introduced

   Sponsor introductory remarks on measure. (CR S7091-7094)

   Source: IntroReferral

3. 25 June 2009

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 25 June 2009 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 25 June 2009

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 25 June 2009

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 25 June 2009

  Open at official source

Sponsors

• Chuck Grassley · R · Sponsor
• · ssfi00 · Standing

Related records

No cross-record relationships stored yet.