Small Business Tax Relief Act of 2007
Latest action · Oct 18, 2007 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.
- IntroducedOct 18, 2007
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Small Business Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) make permanent the work opportunity tax credit, the new markets tax credit, and the tax credit for increasing research activities; (2) make permanent accelerated depreciation of qualified leasehold improvement and restaurant property and expensing of environmental remediation expenditures; (3) increase the partial tax exclusion of gain from sales of certain small business stock for noncorporate business taxpayers and businesses in an empowerment zone; (4) permit certain small businesses to elect taxable years ending between April and November; (5) increase the allowable number of S corporation shareholders from 100 to 150; and (6) exempt certain small businesses from the 3% withholding requirement applicable to payments made to such businesses by government entities.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Oct 18, 2007Introduced in House
- Oct 18, 2007Referred to the House Committee on Ways and Means.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Agriculture and Food
- Brownfields
- Capital gains tax
- Commerce
- Corporation taxes
- Depreciation and amortization
- Depressed areas
- Economics and Public Finance
- Enterprise zones
- Environmental Protection
- Finance and Financial Sector
- Government contractors
- Government Operations and Politics
- Hazardous wastes
- Income tax
- Labor and Employment
- Leases
- Liability for environmental damages
- Research and development tax credit
- Restaurants
- Science, Technology, Communications
- Small business
- Stockholders
- Stocks
- Tax administration
- Tax deductions
- Tax exclusion
- Taxation
- Withholding tax
Text 1
Each version as it was printed, newest first.
- Oct 18, 2007Introduced in House
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.