HR 2761 · 107th Congress 2001–2003, ended

Small Business Tax Fairness Act of 2001

Introduced Aug 2, 2001 Originated House Sponsor Darlene Hooley D-OR

Fact sheet

Latest action · Aug 2, 2001 Referred to the House Committee on Ways and Means.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedAug 2, 2001
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Small Business Tax Fairness Act of 2001 - Amends the Internal Revenue Code to increase: (1) from 70 percent to 100 percent the deduction for the health insurance costs of self-employed individuals; (2) from $24,000 to $30,000 the deduction amount for small businesses of section 179 property; and (3) the deduction for business meal expenses from 50 percent to 60 percent (80 percent for individuals subject to Federal limitations on service hours).

Provides that income averaging for farmers and fishermen shall not increase their alternative minimum tax liability.

Permits small taxpayers (with gross annual receipts averaging $5 million or less) to use the cash accounting method without limitation.

Makes permanent the tax credit for increasing research activities.

Allows a taxpayer a deduction of up to 50 percent of any qualified timber gain, subject to a formula, for partial inflation adjustment.

Decreases from 84 to 60 months the amortization period for reforestation expenditures and the reforestation tax credit.

Allows an individual a tax credit for 20 percent (up to $2,000) of the amount paid or incurred for qualified energy efficiency improvements installed during the taxable year.

Allows a business a tax credit of up to $2,000 of the aggregate adjusted bases of all energy efficient property installed in a qualified new energy efficient home during construction.

Repeals the Federal communications excise tax.

Allows a corporation a tax credit for 50 percent of the qualified computer technology and equipment donations it made to elementary and secondary schools during the taxable year.

Cosponsors

Members who signed on, in the order they did.

No cosponsors are on file for this measure.

Actions 2

Everything that happened, newest first.

  1. Aug 2, 2001Introduced in House
  2. Aug 2, 2001Referred to the House Committee on Ways and Means.

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.