Small Business Penalty Relief Act of 2009

Summary

Small Business Penalty Relief Act of 2009 - Amends the Internal Revenue Code to 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. Sets forth a maximum penalty for failure to report a reportable transaction and a minimum and maximum penalty for failure to report a listed transaction (a transaction specifically identified by the IRS as a tax avoidance transaction). Requires the Commissioner of Internal Revenue to report by June 1, 2010, and then annually, to Congress on penalties relating to tax shelters and reportable transactions.

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Timeline

1. 16 November 2009

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 16 November 2009

   Introduced

   Sponsor introductory remarks on measure. (CR S11384)

   Source: IntroReferral

3. 16 November 2009

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 16 November 2009 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 16 November 2009

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 16 November 2009

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 16 November 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

• Sen. Baucus, Max [D-MT] · D · Sponsor
• Sen. Grassley, Chuck [R-IA] · R · Sponsor
• Sen. Crapo, Mike [R-ID] · R · Sponsor
• · ssfi00 · Standing

Related records

• related to → Small Business Jobs Act of 2010
• related to → Small Business Penalty Relief Act of 2009
• related to ← Small Business Penalty Fairness Act of 2009