H.R. 9 (112th): Small Business Tax Cut Act

Introduced:
Mar 21, 2012 (112th Congress, 2011–2013)
Status:
Died (Passed House)
Sponsor
Eric Cantor
Representative for Virginia's 7th congressional district
Party
Republican
Text
Read Text »
Last Updated
Apr 23, 2012
Length
15 pages
Related Bills
H.Res. 620 (rule)

Agreed To (Simple Resolution)
Apr 19, 2012

 
Status

This bill was introduced in a previous session of Congress and was passed by the House on April 19, 2012 but was never passed by the Senate.

Progress
Introduced Mar 21, 2012
Referred to Committee Mar 21, 2012
Reported by Committee Mar 28, 2012
Passed House Apr 19, 2012
 
Full Title

To amend the Internal Revenue Code of 1986 to provide a deduction for domestic business income of qualified small businesses.

Summary

No summaries available.

Votes
Apr 19, 2012 1:17 p.m.
Failed 175/236
Apr 19, 2012 1:55 p.m.
Passed 235/173

Cosponsors
42 cosponsors (42R) (show)
Committees

House Ways and Means

Senate Finance

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

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

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Citation

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Notes

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

We don’t have a summary available yet.

Library of Congress Summary

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


4/19/2012--Passed House amended.
Small Business Tax Cut Act - Amends the Internal Revenue Code to allow a qualified small business a tax deduction equal to 20% of the lesser of qualified domestic business income or taxable income.
Defines:
(1) "qualified small business" as any employer engaged in a trade or business if such employer had fewer than 500 full-time employees in either 2010 or 2011; and
(2) "qualified domestic business income" as an amount equal to the excess (if any) of the taxpayer's domestic business gross receipts (i.e., gross receipts effectively connected with a trade or business within the United States) for a taxable year over the sum of the cost of goods sold allocable to such receipts and other expenses, losses, or deductions properly allocable to such receipts.
Limits the amount of such deduction to 50% of the greater of: (1) the taxpayer's W-2 wages (payroll) paid to non-owners of the taxpayer's business; or (2) the sum of the W-2 wages paid to individuals who are non-owner family members of direct owners (i.e., stockholders of the business), plus any W-2 wages paid to direct owners who have an ownership interest in the business of 10% or less.
Directs the Secretary of the Treasury to prescribe regulations to carry out this Act, including regulations to prevent a taxpayer that reorganizes from being treated as a qualified small business if such taxpayer would not have been treated as a qualified small business prior to such reorganization.

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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So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

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