Small Business Tax Fairness Act

Bill: 113-s-1498
Sponsor: full_name: Sen. Landrieu, Mary L. [D-LA]
Introduced: 2013-09-12
Policy area: Taxation
Subjects: Business investment and capital

Capital gains tax

Computers and information technology

Food industry and services

Health care costs and insurance

Income tax deductions

Income tax exclusion

Income tax rates

Retail and wholesale trades

Securities

Self-employed

Small business
Latest action: action_date: 2013-09-12
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2013-09-12
action_desc: Introduced in Senate
text: <p>Small Business Tax Fairness Act - Amends the Internal Revenue Code to extend through 2014: (1) the 100% exclusion from gross income of gain from the sale of certain small business stock; (2) the increased amount of the tax deduction for business start-up expenses; (3) the reductions of the recognition period for built-in gains of S corporations; and (4) the increased expensing allowance for tangible business assets, including computer software, and real property. Allows a deduction in 2013 for health insurance costs in computing self-employment taxable income. </p>

tv_txt: II 113th CONGRESS 1st Session S. 1498 IN THE SENATE OF THE UNITED STATES September 12, 2013 Ms. Landrieu introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to extend certain expiring provisions relating to small businesses, and for other purposes.

1. Short title This Act may be cited as the Small Business Tax Fairness Act . 2. Extension of temporary exclusion of 100 percent of gain on certain small business stock (a) In general Paragraph (4) of section 1202(a) of the Internal Revenue Code of 1986 is amended— (1) by striking January 1, 2014 and inserting January 1, 2015 , and (2) by striking and 2013 in the heading and inserting 2013, and 2014 . (b) Effective date The amendments made by this section shall apply to stock acquired after December 31, 2013. 3. Temporary increase in deduction for start-up expenditures (a) In general Paragraph (3) of section 195(b) of the Internal Revenue Code of 1986 is amended— (1) by inserting , 2013, or 2014 after 2010 , and (2) by inserting 2013, or 2014 after 2010 in the heading. (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2012. 4. Extension of reduction in S-corporation recognition period for built-in gains tax (a) In general Subparagraph (C) of section 1374(d)(7) of the Internal Revenue Code of 1986 is amended— (1) by striking 2012 or 2013 and inserting 2012, 2013, or 2014 , and (2) by striking 2012 and 2013 in the heading and inserting 2012, 2013, and 2014 . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2013. 5. Deduction for health insurance costs in computing self-employment taxes in 2013 (a) In general Paragraph (4) of section 162(l) of the Internal Revenue Code of 1986 is amended by striking beginning before January 1, 2010 and all that follows and inserting “beginning— (A) before January 1, 2010, (B) after December 31, 2010, and before January 1, 2013, or (C) after December 31, 2013. . (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2012. 6. Extension of increased expensing limitations and treatment of certain real property as section 179 property (a) In general (1) Dollar limitation Section 179(b)(1) of the Internal Revenue Code of 1986 is amended— (A) by striking or 2013 in subparagraph (B) and inserting 2013, or 2014 , and (B) by striking 2013 in subparagraph (C) and inserting 2014 . (2) Reduction in limitation Section 179(b)(2) of such Code is amended— (A) by striking or 2013 in subparagraph (B) and inserting 2013, or 2014 , and (B) by striking 2013 in subparagraph (C) and inserting 2014 . (b) Computer software Section 179(d)(1)(A)(ii) of the Internal Revenue Code of 1986 is amended by striking 2014 and inserting 2015 . (c) Election Section 179(c)(2) of the Internal Revenue Code of 1986 is amended by striking 2014 and inserting 2015 . (d) Special rules for treatment of qualified real property (1) In general Section 179(f)(1) of the Internal Revenue Code of 1986 is amended by striking or 2013 and inserting 2013, or 2014 . (2) Carryover limitation (A) In general Section 179(f)(4) of such Code is amended by striking 2013 each place it appears and inserting 2014 . (B) Conforming amendment Subparagraph (C) of section 179(f)(4) of such Code is amended by striking 2011 and 2012 in the heading and inserting 2011, 2012, and 2013 . (e) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2013.