[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4841 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 4841

 To amend the Internal Revenue Code of 1986 to provide tax relief for 
                           small businesses.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 12, 2010

Ms. Velazquez introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to provide tax relief for 
                           small businesses.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Tax Relief and Job 
Growth Act of 2010''.

SEC. 2. INCREASE IN ALLOWABLE OF STARTUP EXPENDITURES.

    (a) In General.--Clause (ii) of section 195(b)(1)(A) of the 
Internal Revenue Code of 1986 is amended by striking ``$5,000'' and 
inserting ``$20,000''.
    (b) Effective Date.--The amendments made by this section shall 
apply to amounts paid or incurred in taxable years beginning after 
December 31, 2009.

SEC. 3. INCLUSION OF CERTAIN IMPROVEMENTS AS SECTION 179 PROPERTY.

    (a) In General.--Subsection (d) of section 179 of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(11) Special rule for 2010 and 2011.--For purposes of 
        this section--
                    ``(A) In general.--The term `section 179 property' 
                shall include any qualified improvement to real 
                property, or qualified structural improvement, placed 
                in service after December 31, 2009, and before January 
                1, 2012.
                    ``(B) Qualified improvements to real property.--For 
                purposes of subparagraph (A), the term `improvements to 
                real property' means any improvement to a paved parking 
                area, wharve, dock, bridge, fence, retaining wall, 
                outdoor lighting, or other improvement (other than to a 
                building or its structural components), intended to 
                improve or make such property ready for use in a trade 
                or business.
                    ``(C) Qualified structural improvement.--For 
                purposes of subparagraph (A), the term `structural 
                improvement' means any improvement to a building or its 
                structural components (including improvements to the 
                roof, drainage, plumbing, electrical components, 
                heating, ventilation, or air conditioning, insulation, 
                fire protection) intended to improve or make such 
                building ready for use in a trade or business.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2009.

SEC. 4. REDUCE CORPORATE CAPITAL GAINS RATE FOR SMALL BUSINESS.

    (a) In General.--Section 1201 of the Internal Revenue Code of 1986 
is amended by redesignating subsection (d) as subsection (e) and by 
inserting after subsection (c) the following new subsection:
    ``(d) Special Rule for Qualified Small Business.--
            ``(1) In general.--In the case of a qualified small 
        business, subsection (a) shall be applied by substituting `15 
        percent' for `35 percent' each place it appears.
            ``(2) Qualified small business.--For purposes of this 
        subsection, the term `qualified small business' with respect to 
        any taxable year means a corporation which, for 3 of the 5 
        immediately preceding taxable years--
                    ``(A) was a C corporation, and
                    ``(B) had average annual gross receipts of not more 
                than $15,000,000.
            ``(3) Controlled groups.--For purposes of the paragraph 
        (2), all corporations which are members of the same controlled 
        group of corporations (within the meaning of section 1563(a)) 
        shall be treated as 1 corporation.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
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