3.0.0 5486 2023-01-11T13:19:56Z 2023-01-11T13:19:56Z House H HR 2010-06-09 111 hswm00 Ways and Means Committee House Standing Referred to 2010-06-09T14:00:50Z Providing for consideration of the bill (H.R. 5486) to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes; and providing for consideration of the bill (H.R. 5297) to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, and for other purposes. 111 1436 HRES 2010-06-15 Motion to reconsider laid on the table Agreed to without objection. 15:35:58 Related bill House Procedurally-related House 2010-06-17 14:03:59 Pursuant to the provisions of H. Res. 1436, H.R. 5486 is laid on the table. Floor H1B000 2 House floor actions 2010-06-15 17:51:38 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2010-06-15 17:51:37 On passage Passed by recorded vote: 247 - 170 (Roll no. 363). (text: CR H4469-4470) Floor H37100 2 House floor actions 363 https://clerk.house.gov/evs/2010/roll363.xml House 111 2010-06-15T21:51:37Z 2 2010-06-15 17:51:37 Passed/agreed to in House: On passage Passed by recorded vote: 247 - 170 (Roll no. 363).(text: CR H4469-4470) Floor 8000 9 Library of Congress 363 https://clerk.house.gov/evs/2010/roll363.xml House 111 2010-06-15T21:51:37Z 2 2010-06-15 17:44:31 On motion to recommit with instructions Failed by recorded vote: 187 - 230 (Roll no. 362). (consideration: CR H4479) Floor H36110 2 House floor actions hswm00 Ways and Means Committee 362 https://clerk.house.gov/evs/2010/roll362.xml House 111 2010-06-15T21:44:31Z 2 2010-06-15 17:24:08 The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H4478) Floor H8A000 2 House floor actions 2010-06-15 17:17:17 DEBATE - The House proceeded with 10 minutes of debate on the Camp (MI) motion to recommit with instructions. The instructions in the motion seek to report the same back to the House forthwith with an amendment adding a section entitled "REPEAL OF INDIVIDUAL HEALTH INSURANCE MANDATE". Floor H8D000 2 House floor actions 2010-06-15 17:15:48 Mr. Camp moved to recommit with instructions to Ways and Means. (consideration: CR H4477-4479; text: CR H4477) Floor H36100 2 House floor actions hswm00 Ways and Means Committee 2010-06-15 17:15:47 Considered as unfinished business. (consideration: CR H4477-4479) Floor H30000 2 House floor actions 2010-06-15 16:40:40 POSTPONED PROCEEDINGS - The Chair announced further consideration of H.R. 5486 would be postponed until a time to be announced. Floor H8D000 2 House floor actions 2010-06-15 16:39:47 The previous question was ordered pursuant to the rule. (consideration: CR H4476) Floor H35000 2 House floor actions 2010-06-15 15:45:37 DEBATE - The House proceeded with one hour of debate on H.R. 5486. Floor H8D000 2 House floor actions 2010-06-15 15:45:36 Rule provides for consideration of H.R. 5486 and H.R. 5297 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. All points of order against consideration of each bill except for clauses 9 and 10 or rule XXI are waived. Floor H8D000 2 House floor actions 2010-06-15 15:45:35 Considered under the provisions of rule H. Res. 1436. (consideration: CR H4469-4476) Floor H30000 2 House floor actions 2010-06-14 19:34:58 Rules Committee Resolution H. Res. 1436 Reported to House. Rule provides for consideration of H.R. 5486 and H.R. 5297 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. All points of order against consideration of each bill except for clauses 9 and 10 or rule XXI are waived. Floor H1L210 2 House floor actions 2010-06-09 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2010-06-09 Introduced in House IntroReferral Intro-H 9 Library of Congress 2010-06-09 Introduced in House IntroReferral 1000 9 Library of Congress L000263 Rep. Levin, Sander M. [D-MI-12] SANDER LEVIN D MI M. 12 N Taxation Alternative and renewable resources Business investment and capital Capital gains tax Employee benefits and pensions Financial services and investments Income tax credits Income tax deductions Income tax exclusion Sales and excise taxes Securities Small business Tax administration and collection, taxpayers Taxation 00 2010-06-09 Introduced in House 2010-06-22T20:17:25Z Small Business Jobs Tax Relief Act of 2010 - Amends the Internal Revenue Code to: (1) increase from 50% to 100% the exclusion from gross income of the gain from the sale or exchange of qualified small business stock acquired after March 15, 2010, and before January 1, 2012; (2) 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 resulting from such transaction; (3) increase in 2010 and 2011 the tax deduction for trade or business start-up expenditures from $5,000 to $20,000; (4) revise the definition of "qualified nonrecourse financing" to include qualified nonrecourse real property or Small Business Investment Company financing as amounts at risk for purposes of determining the deductibility of losses from certain investment activities, including farming, leasing, and energy exploration; (5) exclude from gross income any amount paid under the small business borrower assistance program; (6) expand rules for valuing assets in grantor retained annuity trusts to require that the right to receive fixed amounts from an annuity last for a term of not less than 10 years, that such fixed amounts not decrease during the first 10 years of the annuity term, and that the remainder interest have a value greater than zero when transferred; and (7) exclude any fuel with an acid number greater than 25 from the definition of "cellulosic biofuel" for purposes of the tax credit for alcohol used as fuel.

Requires the Commissioner of Internal Revenue to report to Congress annually on tax penalties assessed for tax shelters and reportable transactions.

Increases by 7.75% the estimated tax installment for certain large corporations in the third quarter of 2015.

]]> 81 2010-06-15 Passed House without amendment 2010-06-23T19:42:51Z (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Title V: Tax Provisions - Small Business Jobs Tax Relief Act of 2010 - Subtitle A: Small Business Tax Incentives - Part 1: General Provisions - (Sec. 501) Amends the Internal Revenue Code to increase from 50% to 100% the exclusion from gross income of the gain from the sale or exchange of qualified small business stock acquired after March 15, 2010, and before January 1, 2012.

Part 2: Limitations and Reporting on Certain Penalties - (Sec. 511) Limits 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 resulting from such transaction.

(Sec. 512) Requires the Commissioner of Internal Revenue to report by December 31, 2010, and annually thereafter, to the House Committee on Ways and Means and the Senate Committee on Finance on penalties assessed for certain tax shelters and reportable transactions.

Part 3: Other Provisions - (Sec. 521) Increases the tax deduction for trade or business start-up expenditures from $5,000 to $20,000 in 2010 and 2011.

(Sec. 522) Revises the definition of "qualified nonrecourse financing" to include qualified nonrecourse real property or Small Business Investment Company financing as amounts at risk for purposes of determining the deductibility of losses from certain investment activities, including farming, leasing, and energy exploration.

(Sec. 523) Excludes from gross income any amount paid for a borrower under the Small Business Administration (SBA) borrower assistance program.

Subtitle B: Revenue Provisions - (Sec. 531) Revises rules for valuing assets in grantor retained annuity trusts to require that the right to receive fixed amounts from an annuity last for a term of not less than 10 years, that such fixed amounts not decrease during the first 10 years of the annuity term, and that the remainder interest have a value greater than zero when transferred.

(Sec. 532) Excludes any fuel with an acid number greater than 25 from the definition of "cellulosic biofuel" for purposes of the tax credit for alcohol used as fuel.

(Sec. 533) Increases by 7.75% the estimated tax installment for the third quarter of 2015 for corporations with assets of not less than $1 billion.

]]> To amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes. Display Title To amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes. Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes. Introduced in House IH Short Titles as Introduced for portions of this bill Small Business Jobs Tax Relief Act of 2010 Short Titles as Passed House for portions of this bill Small Business Jobs Tax Relief Act of 2010 H House Introduced in House 2010-06-09T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr5486ih/xml/BILLS-111hr5486ih.xml 2010-06-17 Pursuant to the provisions of H. Res. 1436, H.R. 5486 is laid on the table. 14:03:59 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.