3.0.0 2675 2023-01-14T22:48:27Z 2023-01-14T22:48:27Z Senate S S 2004-07-15 108 ssfi00 Finance Committee Senate Standing Referred to 2004-07-16T00:04:50Z 2004-07-15 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S8238-8239) IntroReferral 2004-07-15 Sponsor introductory remarks on measure. (CR S8237-8238) IntroReferral B00100 9 Library of Congress 2004-07-15 Introduced in Senate IntroReferral 10000 9 Library of Congress S000663 Sen. Snowe, Olympia J. [R-ME] Olympia Snowe R ME J. N Taxation Accounting Civil Rights and Liberties, Minority Issues Commerce Computer matching Computer security measures Congress Congressional reporting requirements Corporate mergers Corporate reorganizations Cost of living adjustments Crime and Law Enforcement Data banks Directories Economics and Public Finance Employee selection Finance and Financial Sector Fines (Penalties) Government Operations and Politics Government paperwork Governmental investigations Income tax Indexing (Economic policy) Inventories Labor and Employment Law Legislation Misconduct in office Obstruction of justice Recruiting of employees Right of privacy Science, Technology, Communications Small business Social Welfare Social security numbers State employees State laws State officials Unemployment insurance Taxation 00 2004-07-15 Introduced in Senate 2004-10-04T14:42:37Z Amends the Internal Revenue Code to exempt certain small business taxpayers from the requirements of using the accrual method of accounting and of using inventories. Allows such taxpayers to use a cash method of accounting if they meet the gross receipts test and are not engaged in farming as a corporation. Increases the amount of the gross receipts test to $10 million (currently, $5 million) and permits an annual inflation adjustment of that amount.

Amends the Social Security Act to require State unemployment compensation laws to: (1) permit an employer to transfer its unemployment compensation risk experience to an acquiring business unless such transfer is made solely or primarily to enable the acquiring business to obtain a lower rate of unemployment contribution; and (2) provide for meaningful civil and criminal penalties for transfers made in violation of State unemployment compensation law.

Directs the Secretary of Health and Human Services to disclose to State unemployment compensation agencies information from the National Directory of New Hires to assist States in administering an unemployment compensation program under Federal or State law. Provides penalties for the improper disclosure or misuse of information by State agency officers or employees.

]]> A bill to amend the Internal Revenue Code of 1986 to expand the availability of the cash method of accounting for small business, and for other purposes. Display Title A bill to amend the Internal Revenue Code of 1986 to expand the availability of the cash method of accounting for small business, and for other purposes. Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to expand the availability of the cash method of accounting for small business, and for other purposes. Introduced in Senate IS Introduced in Senate 2004-07-15T04:00:00Z 2004-07-15 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S8238-8239) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.