Small Business Jobs Act
118-HR-3937118th CongressIntroduced Jun 9, 2023Taxation
Market Probability
No market
Status
Introduced
Committee
Floor Vote
Other Chamber
Signed
Placed on the Union Calendar, Calendar No. 100.
Sponsor
Rep. Smith, Jason [R-MO-8](R-MO-8)Summary
Small Business Jobs Act
This bill provides tax incentives for investment in small businesses. Among other provisions, the bill
- increases from $600 to $5,000 (adjusted annually for inflation) the general reporting threshold for services performed by an independent contractor or subcontractor,
- restores reporting requirements for third party network transactions,
- modifies the exclusion of gain from the sale of qualified small business stock,
- increases the ceiling for expensing of depreciable business assets,
- establishes rural opportunity zones, and
- reinstates reporting requirements for qualified opportunity zones and applies such requirements to qualified rural opportunity zones.
Subjects
Administrative law and regulatory proceduresBusiness investment and capitalCapital gains taxInflation and pricesInternal Revenue Service (IRS)Rural conditions and developmentSecuritiesSmall businessTax administration and collection, taxpayers
Actions (8)
Placed on the Union Calendar, Calendar No. 100.
Jun 30, 2023House floor actions
Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-128.
Jun 30, 2023House floor actions
Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-128.
Jun 30, 2023Library of Congress
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 24 - 18.
Jun 13, 2023House committee actions
Committee Consideration and Mark-up Session Held
Jun 13, 2023House committee actions
Referred to the House Committee on Ways and Means.
Jun 9, 2023House floor actions
Introduced in House
Jun 9, 2023Library of Congress
Introduced in House
Jun 9, 2023Library of Congress