HR 8264 · 96th Congress · Taxation

Small Business Inventory Simplification Act of 1980

Introduced 1980-10-01· Sponsored by Rep. Nowak, Henry [D-NY-37]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to House Committee on Ways and Means.(1980-10-01)

Plain Language Summary

[AI summary unavailable — showing source text] Small Business Inventory Simplification Act of 1980 - Amends the Internal Revenue Code to allow a qualified small business to elect the cash method of accounting regardless of any requirement to use inventories if: (1) the average annual gross receipts for the three preceding taxable years do not exceed $1,500,000; and (2) such small business was qualified for each of the two preceding taxable years.…

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