Subscribe to the Tax Headline RSS feed | Subscribe to the Tax Headline feed via EmailHouse Passes Small Business Tax Cut, Defeats Attempt to Modify Health Law
June 16, 2010 in Daily Tax Report · Leave a Comment
The House voted 247-170 on a largely partisan basis June 15 to pass a small business tax relief bill (H.R. 5486), whose offsets also will be used to pay for a small business lending bill set for a June 16 House floor debate.
Included in the tax bill is a 100 percent exclusion for capital gains from the sale of certain small business stock that is held for more than five years and is acquired between March 15, 2010, and Jan. 1, 2012, as well as a $508 million provision that would increase for 2010 and 2011 the deduction for business start-up expenses from $5,000 to $20,000.
The House also June 15 defeated a Republican motion to recommit that would have repealed the recently enacted health care law’s (Pub. L. No. 111-148) individual mandate to maintain insurance coverage.
