HOUSE 3937118th CongressPlaced on the Union Calendar, Calendar No. 100.
Small Business Jobs Act
- Last Action
- 6/30/2023
Actions
- 2023-06-30Placed on the Union Calendar, Calendar No. 100.
- 2023-06-30Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-128.
- 2023-06-30Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-128.
- 2023-06-13Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 24 - 18.
- 2023-06-13Committee Consideration and Mark-up Session Held
- 2023-06-09Referred to the House Committee on Ways and Means.
- 2023-06-09Introduced in House
- 2023-06-09Introduced in House
CRS Summary
As of 2023-06-30 (07)
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 procedures
- Business investment and capital
- Capital gains tax
- Inflation and prices
- Internal Revenue Service (IRS)
- Rural conditions and development
- Securities
- Small business
- Tax administration and collection, taxpayers
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.