S 3857 · 109th Congress · Taxation

BOOST Act

Introduced 2006-09-06· Sponsored by Sen. Smith, Gordon H. [R-OR]· Senate

Bill Progress

✓
Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S9057-9060)(2006-09-06)

Plain Language Summary

[AI summary unavailable — showing source text] Bringing Opportunities to Our Small Business Taxpayers Act or BOOST Act - Amends the Internal Revenue Code to: (1) make permanent the $100,000 expensing allowance for small business assets; (2) expand eligibility of small businesses for cash accounting; (3) revise S corporation rules relating to built-in gains, passive income, and shareholder eligibility; (4) allow certain small businesses a tax credit for contributions to employee retirement plans; and (5) allow a deduction from self-employment income for retirement plan contributions and for health insurance costs.…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (1)

1 Democrat
Sen. Lincoln, Blanche L. [D-AR]AR