H.R. 5486 (111th): To amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes.

Jun 09, 2010 (111th Congress, 2009–2010)
Died (Passed House)
Sander Levin
Representative for Michigan's 12th congressional district
Read Text »
Last Updated
Jun 09, 2010
14 pages
Related Bills
H.Res. 1436 (rule)

Agreed To (Simple Resolution)
Jun 15, 2010


This bill was introduced in a previous session of Congress and was passed by the House on June 15, 2010 but was never passed by the Senate.

Introduced Jun 09, 2010
Referred to Committee Jun 09, 2010
Passed House Jun 15, 2010

No summaries available.

Jun 15, 2010 5:51 p.m.
Passed 247/170


House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Primary Source

THOMAS.gov (The Library of Congress)

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H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

6/15/2010--Passed House without amendment.
Title V - Tax Provisions
Small Business Jobs Tax Relief Act of 2010 -
Subtitle A - Small Business Tax Incentives
Part 1: General Provisions -
Section 501 -
Amends the Internal Revenue Code to 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.
Part 2: Limitations and Reporting on Certain Penalties -
Section 511 -
Limits 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.
Section 512 -
Requires the Commissioner of Internal Revenue to report by December 31, 2010, and annually thereafter, to the House Committee on Ways and Means and the Senate Committee on Finance on penalties assessed for certain tax shelters and reportable transactions.
Part 3: Other Provisions -
Section 521 -
Increases the tax deduction for trade or business start-up expenditures from $5,000 to $20,000 in 2010 and 2011.
Section 522 -
Revises 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.
Section 523 -
Excludes from gross income any amount paid for a borrower under the Small Business Administration (SBA) borrower assistance program.
Subtitle B - Revenue Provisions
Section 531 -
Revises 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.
Section 532 -
Excludes 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.
Section 533 -
Increases by 7.75% the estimated tax installment for the third quarter of 2015 for corporations with assets of not less than $1 billion.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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