H.R. 947: Small Business Accounting and Tax Simplification Act

Introduced:
Mar 05, 2013
Status:
Referred to Committee
Prognosis
1% chance of being enacted
Track this bill
Sponsor
Aaron Schock
Representative for Illinois's 18th congressional district
Party
Republican
Text
Read Text »
Last Updated
Mar 05, 2013
Length
6 pages
Related Bills
S. 1085 (Related)
Small Business Tax Certainty and Growth Act of 2013

Referred to Committee
Last Action: Jun 03, 2013

 
Status

This bill was assigned to a congressional committee on March 5, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Progress
Introduced Mar 05, 2013
Referred to Committee Mar 05, 2013
Reported by Committee ...
Passed House ...
Passed Senate ...
Signed by the President ...
Prognosis

4% chance of getting past committee.
1% chance of being enacted.

Only 11% of bills made it past committee and only about 3% were enacted in 2011–2013. [show factors | methodology]

 
Full Title

To amend the Internal Revenue Code of 1986 to expand the availability of the cash method of accounting for small businesses, and for other purposes.

Summary

No summaries available.

Cosponsors
1 cosponsors (1D) (show)
Committees

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)

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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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.


3/5/2013--Introduced.
Small Business Accounting and Tax Simplification Act - Amends the Internal Revenue Code to exempt certain small business taxpayers from the requirements of using the accrual method of accounting and of using inventories.
Allows such taxpayers to use a cash method of accounting if they meet the gross receipts test and are not engaged in farming as a corporation.
Increases the amount of the gross receipts test to $10 million (currently, $5 million) and permits an annual inflation adjustment of that amount.

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

The House Democratic Caucus does not provide summaries of bills.

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.

We’ll be looking for a source of summaries from the other side in the meanwhile.

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