Small Business Economic Stimulus Act of 2004

Bill: 108-s-2767
Sponsor: Sen. Specter, Arlen [R-PA]
Introduced: 2004-07-22 in the Senate
Policy area: Commerce
Subjects: Accounting
Administrative procedure
Agricultural industries
Agriculture and Food
Authorization
Automobiles
Barber and beauty shops
Chambers of commerce
Civil Rights and Liberties, Minority Issues
Construction industries
Consultants
Cooperative societies
Corporation taxes
Day care
Dentists
Department of Labor
Depreciation and amortization
Discrimination in insurance
Discrimination in medical care
Economic assistance
Economic development
Economics and Public Finance
Employee health benefits
Families
Federal-state relations
Finance and Financial Sector
Financial services
Fishing boats
Food service
Foreign Trade and International Finance
Foreign trade promotion
Freight
Government Operations and Politics
Health
Health insurance
Housing and Community Development
Income tax
Injunctions
Insurance agents
Insurance premiums
International Affairs
Labor and Employment
Labor unions
Law
Logging
Medical laboratories
Metal trade
Mines and mineral resources
Pest control
Physicians
Public Lands and Natural Resources
Research and development
Retail trade
Science, Technology, Communications
Self-insurance
Small business
Storage
Tax credits
Tax deductions
Taxation
Telephone
Theater
Trade and Development Agency
Transportation and Public Works
Wholesale trade

Summary:
action_date: 2004-07-22
text: 
Small Business Economic Stimulus Act of 2004 - Amends the Internal Revenue Code to extend: (1) permanently, the research and development tax credit; (2) a bonus depreciation; and (3) an increased limitation for expensing depreciable business assets.
 
Authorizes appropriations to the Department of Commerce for the Office of Export Trading Company Affairs to carry out the Export Trading Company Act of 1982.
 
Amends the Foreign Assistance Act of 1961 to increase the amount of the annual authorization of appropriations for the U.S. Trade and Development Agency.
 
Small Business Health Fairness Act of 2004 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to revise provisions relating to access and choice for small business employers with respect to medical care for their employees.
 
Establishes rules governing association health plans (group health plans whose sponsors are trade, industry, professional, chamber of commerce, or similar business associations), including requirements relating to certification, sponsors and boards of trustees, participation, coverage, plan documents, contribution rates, benefit options, applications for certification, notice for voluntary termination, corrective actions, and mandatory termination.
 
Requires association health plans which provide health benefits in addition to health insurance coverage to maintain certain reserves and comply with other solvency requirements. Directs the Secretary of Labor to apply for appointment, and carry out specified duties, as trustee of any such insolvent association health plans which provide health benefits in addition to health insurance coverage.
 
Allows a State to impose a contribution tax on any association health plan commencing operations in such State after the enactment of this Act.
 
Requires association health plans to include in their summary plan descriptions, in connection with each benefit option, a description of the form of any solvency or guarantee fund protection secured under ERISA or applicable State law.
 
Revises requirements relating to treatment of: (1) single employer arrangements; and (2) certain collectively bargained arrangements.
 



Legislative actions:
action_date: 2004-07-22
text: Read twice and referred to the Committee on Finance.
action_date: 2004-07-22
text: Sponsor introductory remarks on measure. (CR S8755-8757)
action_date: 2004-07-22
text: Introduced in Senate