Small Business Penalty Fairness Act of 2009
Latest action · Feb 22, 2010 Held at the desk.
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.
- IntroducedDec 18, 2009
- Passed SenateFeb 9, 2010
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
(This measure has not been amended since it was introduced. The summary of that version is repeated here.)
Small Business Penalty Fairness Act of 2009 - Amends the Internal Revenue Code to limit 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 shown on the return as a result of such transaction. Sets forth a maximum penalty for failure to report a reportable transaction and a minimum and maximum penalty for failure to report a listed transaction (a transaction specifically identified by the IRS as a tax avoidance transaction).
Requires the Commissioner of Internal Revenue to report by June 1, 2010, and then annually, to Congress on penalties relating to abusive tax shelters and reportable transactions.
Extends the penalty for tendering a bad check to the Internal Revenue Service to any commercially acceptable payment instrument (including electronic payments).
Expands the continuous tax levy on payments to vendors for goods and services to include payments for all property, goods, or services.
Cosponsors 12
Members who signed on, in the order they did. Signatures ran from Dec 18, 2009 to Dec 22, 2009; 9 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NE | Ben Nelson | Original | Dec 18, 2009 |
| R-MO | Christopher S. Bond | Original | Dec 18, 2009 |
| R-IA | Chuck Grassley | Original | Dec 18, 2009 |
| D-LA | Mary L. Landrieu | Original | Dec 18, 2009 |
| R-ID | Mike Crapo | Original | Dec 18, 2009 |
| R-UT | Orrin G. Hatch | Original | Dec 18, 2009 |
| R-KS | Pat Roberts | Original | Dec 18, 2009 |
| R-IN | Richard G. Lugar | Original | Dec 18, 2009 |
| R-KS | Sam Brownback | Original | Dec 18, 2009 |
| D-IN | Evan Bayh | Dec 21, 2009 | |
| D-AR | Blanche L. Lincoln | Dec 22, 2009 | |
| R-NE | Mike Johanns | Dec 22, 2009 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Dec 19, 2009Discharged Feb 10, 2010 |
Actions 8
Everything that happened, newest first.
- Feb 22, 2010Received in the House.
- Feb 22, 2010Held at the desk.
- Feb 11, 2010Message on Senate action sent to the House.
- Feb 9, 2010Senate Committee on Finance discharged by Unanimous Consent.(consideration: CR S541-542)
- Feb 9, 2010Senate Committee on Finance discharged by Unanimous Consent. (consideration: CR S541-542)
- Feb 9, 2010Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent. (text: CR S542)
- Dec 18, 2009Introduced in Senate
- Dec 18, 2009Read twice and referred to the Committee on Finance.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S541Text printed S542 | Harry Reid D-NV (text) | Feb 9, 2010 |
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 2771 | Small Business Penalty Relief Act of 2009 | Related bill | Nov 16, 2009 |
| HR 4068 | Small Business Penalty Relief Act of 2009 | Related bill | Nov 16, 2009 |
| HR 5297 | Small Business Jobs Act of 2010 | Related bill | Sep 27, 2010 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to modify the penalty for failure to disclose certain reportable transactions and the penalty for submitting a bad check to the Internal Revenue Service, to modify certain rules relating to Federal vendors, and for other purposes.
- Short Titles as Introduced
- Small Business Penalty Fairness Act of 2009
- Short Titles as Passed Senate
- Small Business Penalty Fairness Act of 2009
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 2
Each version as it was printed, newest first.
- Aug 27, 2010Engrossed in Senate
- Dec 18, 2009Introduced in Senate
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
