Small Business Tax Simplification and Reform Act

[AI summary unavailable — showing source text] Small Business Tax Simplification and Reform Act - Title I: Tax Simplification Relating to Small Business - Creates a Committee on Tax Simplification for Small Business to devote continued attention to the simplification of the application of the Internal Revenue Code and tax procedures, forms, and regulations to small business. Provides that the membership of the Committee shall include representatives of the Secretary of the Treasury, the Internal Revenue Service, the Office of Management and Budget, and the Small Business Administration. Directs the Committee to establish an advisory committee of individuals from the private sector to assist it. Creates in the Treasury Department an Office of Small Business Tax Analysis, which shall be responsible for studying the effect of taxes on small business and other small business problems. Directs the Treasury Department to make a comprehensive study of depreciation policies as they affect small business, with particular attention to: the impact of legislation; the rapid advances in technology to which small business must adapt; and the practices of other developed nations. Requires the Treasury Department to make recommendations to Con…