[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 533 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 533

To make full estate tax repeal, small business expensing, and SECA tax 
               deduction for health insurance permanent.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 14, 2009

Mr. Neugebauer introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To make full estate tax repeal, small business expensing, and SECA tax 
               deduction for health insurance permanent.

    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 ``Opportunity for Family Farms and 
Small Businesses Act of 2009''.

SEC. 2. ESTATE TAX REPEAL MADE PERMANENT.

    Section 901 of the Economic Growth and Tax Relief Reconciliation 
Act of 2001 shall not apply to title V of such Act.

SEC. 3. INCREASED EXPENSING FOR SMALL BUSINESS MADE PERMANENT.

    (a) In General.--Paragraph (1) of section 179(b) of the Internal 
Revenue Code of 1986 (relating to dollar limitation) is amended by 
striking ``$25,000 ($125,000 in the case of taxable years beginning 
after 2006 and before 2011)'' and inserting ``$200,000''.
    (b) Phaseout of Limitation Only by 50 Percent of Excess Over 
$800,000.--Paragraph (2) of section 179(b) of such Code (relating to 
reduction in limitation) is amended to read as follows:
            ``(2) Reduction in limitation.--The limitation under 
        paragraph (1) for any taxable year shall be reduced (but not 
        below zero) by one-half of the amount by which the cost of 
        section 179 property placed in service during such taxable year 
        exceeds $800,000.''.
    (c) Rebasing of Inflation Adjustments.--Section 179(b)(5)(A) of 
such Code (relating to inflation adjustments) is amended--
            (1) in the matter preceding clause (i) by striking ``2007 
        and before 2011, the $125,000 and $500,000'' and inserting 
        ``2009, the $200,000 and $800,000'', and
            (2) in clause (ii) by striking ``calendar year 2006'' and 
        inserting ``calendar year 2008''.
    (d) Revocation of Election Made Permanent.--Section 179(c)(2) of 
such Code (relating to election irrevocable) is amended by striking 
``and before 2011''.
    (e) Off-the-Shelf Computer Software.--Section 179(d)(1)(A)(ii) of 
such Code (relating to section 179 property) is amended by striking 
``and before 2011''.
    (f) Effective Date.--The amendments made by this section shall 
apply to property placed in service in taxable years beginning after 
December 31, 2008.

SEC. 4. SECA TAX DEDUCTION FOR HEALTH INSURANCE COSTS.

    (a) In General.--Subsection (l) of section 162 of the Internal 
Revenue Code of 1986 (relating to special rules for health insurance 
costs of self-employed individuals) is amended by striking paragraph 
(4) and by redesignating paragraph (5) as paragraph (4).
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after the date of the enactment of this Act.
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