HR 9 · 112th Congress · Taxation
Small Business Tax Cut Act
Bill Progress
1
Introduced✓
Committee✓
House Vote4
Senate5
EnactedLatest: Received in the Senate and Read twice and referred to the Committee on Finance.(2012-04-23)
Recorded Votes
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Plain Language Summary
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Small Business Tax Cut Act - Amends the Internal Revenue Code to allow domestic businesses a tax deduction for 20% of the lesser of their qualified domestic business income (income effectively connected with a trade or business in the United States) or their taxable income for the taxable year. Limits the amount of such deduction to 50% of the the greater of the W-2 wages (payroll) paid to business non-owners or the sum of the W-2 wages paid to non-owner family members of direct owners (i.e., stockholders), plus any W-2 wages paid to direct owners who have a 10% or less interest in a business.…
Summarized by Claude AI · Non-partisan · For informational purposes only
CBO Cost Estimate
Congressional Budget OfficeH.R. 9, Small Business Tax Cut Act
Apr 18, 2012H.R. 9 would amend the Internal Revenue Code to permit certain small businesses to deduct from their taxable income up to 20 percent of their qualifying domestic business income.
Full CBO report ↗Official non-partisan budget analysis by the Congressional Budget Office
Cosponsors (20)
20 Republicans