An original resolution expressing the sense of the Committee on Small Business and Entrepreneurship of the Senate relating to easing the burden of Federal tax compliance on small businesses.

Summary

This bill amends provisions of the the Internal Revenue Code relating to the taxation of small businesses to: allow small business entities with gross receipts not exceeding $25 million (currently, $5 million) to use the cash method of accounting and an exemption from the requirement to use inventories; eliminate restrictions on the depreciation of computers or peripheral equipment; extend the tax deduction for the health insurance costs of self-employed individuals; require inflation adjustments after 2015 to the dollar amounts of specified tax exclusions and deductions; modify return due dates for partnerships, C corporations, S corporations, and other entities; and reduce from 5 to 3 years the required holding period for qualified small business stock and extend the rollover period for such stock. The bill directs: (1) Department of the Treasury to modify Treasury regulations for the expensing of tangible property to increase from $500 to $2,500 the de minimis safe harbor amount for taxpayers without applicable financial statements; and (2) the Internal Revenue Service to report on specific ways to improve customer service to small businesses. Promotion and Expansion of Private Employee Ownership Act of 2015 This bill amends the Internal Revenue Code to extend to all domestic corporations, including S corporations, provisions allowing deferral of tax on gain from the sale of employer securities to an S corporation-sponsored employer stock ownership plan (ESOP). The bill directs Treasury to establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations. The bill amends the Small Business Act to define an "ESOP business concern" and allow such a concern to continue to qualify for loans, preferences, and other programs under such Act.

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Timeline

1. 15 September 2015

   Calendars

   Placed on Senate Legislative Calendar under General Orders. Calendar No. 226. (text of measure as introduced: CR S6654-6656)

   Source: Calendars

2. 15 September 2015

   Reported

   Committee on Small Business and Entrepreneurship. Original measure reported to Senate by Senator Vitter with a preamble. Without written report.

   Source: Committee

3. 15 September 2015

   Reported

   Committee on Small Business and Entrepreneurship. Original measure reported to Senate by Senator Vitter with a preamble. Without written report.

   Source: Committee

4. 15 September 2015

   Introduced

   Introduced in Senate

   Source: IntroReferral

5. 20 December 2016

   Floor

   By Senator Vitter from Committee on Small Business and Entrepreneurship filed written report under authority of the order of the Senate of 12/10/2016. Report No. 114-424.

   Source: Floor

6. 20 December 2016

   Committee

   By Senator Vitter from Committee on Small Business and Entrepreneurship filed written report under authority of the order of the Senate of 12/10/2016. Report No. 114-424.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Placed on Calendar Senate · 15 September 2015 · Official file

Documents

4 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 15 September 2015

  ViewDownloadOpen at official source

• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 15 September 2015

  DownloadOpen at official source

• Reported to Senate without amendment

  summary · EN · 15 September 2015

  Open at official source

• Introduced in Senate

  summary · EN · 15 September 2015

  Open at official source

Sponsors

• Sen. Vitter, David [R-LA] · R · Sponsor
• · sssb00 · Standing

Related records

• related to → Promotion and Expansion of Private Employee Ownership Act of 2015
• related to → Promotion and Expansion of Private Employee Ownership Act of 2015
• related to → Small Business Tax Compliance Relief Act of 2015