Small Business Tax Fairness Act of 2001

1/16/2023, 11:18 PM
Small Business Tax Fairness Act of 2001 - Amends the Internal Revenue Code, with respect to small businesses, to, among other things: (1) provide for the full deduction of the health insurance costs of self-employed individuals; (2) increase the expensing limitation; (3) increase pension plan limits on benefits and contributions; (4) permit pension catchup contributions for individuals age 50 or over; (5) provide for rollovers among various kinds of pension plans; (6) revise the pension liability funding limit; (7) impose an excise tax on a pension plan for failing to give notice to participants of any plan amendment providing for a significant reduction in the rate of future benefit accrual; (8) provide for estate and gift tax relief; (9) increase, and temporarily suspend, the limitation on the maximum amount of amortizable reforestation expenditures; (10) provide for an accelerated phase-in of specified increases in the volume cap on private activity bonds; and (11) exclude, subject to limitation, from gross income the discharge of certain qualified residential indebtedness.

Minimum Wage Increase Act of 2001 - Amends the Fair Labor Standards Act of 1938 to increase the Federal minimum wage, subject to stated exceptions for certain computer professionals, sales employees, and funeral directors.

Congress
107

Number
HR - 546

Introduced on
2001-02-08

# Amendments
0

Sponsors
+5

Variations and Revisions

2/8/2001

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

Small Business Tax Fairness Act of 2001 - Amends the Internal Revenue Code, with respect to small businesses, to, among other things: (1) provide for the full deduction of the health insurance costs of self-employed individuals; (2) increase the expensing limitation; (3) increase pension plan limits on benefits and contributions; (4) permit pension catchup contributions for individuals age 50 or over; (5) provide for rollovers among various kinds of pension plans; (6) revise the pension liability funding limit; (7) impose an excise tax on a pension plan for failing to give notice to participants of any plan amendment providing for a significant reduction in the rate of future benefit accrual; (8) provide for estate and gift tax relief; (9) increase, and temporarily suspend, the limitation on the maximum amount of amortizable reforestation expenditures; (10) provide for an accelerated phase-in of specified increases in the volume cap on private activity bonds; and (11) exclude, subject to limitation, from gross income the discharge of certain qualified residential indebtedness.

Minimum Wage Increase Act of 2001 - Amends the Fair Labor Standards Act of 1938 to increase the Federal minimum wage, subject to stated exceptions for certain computer professionals, sales employees, and funeral directors.

Alternative Names
Official Title as IntroducedTo amend the Internal Revenue Code of 1986 to provide tax benefits for small businesses, to amend the Fair Labor Standards Act of 1938 to increase the minimum wage, and for other purposes.

Policy Areas
Taxation

Potential Impact
Accidents•
Accounting•
Administrative procedure•
Agriculture and Food•
Alcohol tax•
Alcoholic beverage industry•
Alcoholic beverages•
Annuities•
Beer•
Business income tax•
Cemeteries and funerals•
Civil Service pensions•
Collective bargaining agreements•
Commerce•
Commuting•
Computer industry•
Computer networks•
Computer programming•
Conservation easements•
Corporate finance•
Corporate reorganizations•
Corporation directors•
Corporation taxes•
Cost of living adjustments•
Crime and Law Enforcement•
Data banks•
Debt•
Defined benefit pension plans•
Defined contribution plans•
Department of the Treasury•
Depreciation and amortization•
Disasters•
Dismissal of employees•
Dividends•
Divorce•
Divorcees•
Economics and Public Finance•
Electronic data processing personnel•
Emergency Management•
Employee ownership•
Employee rights•
Engineers•
Environmental Protection•
Estate tax•
Excise tax•
Executive compensation•
Executives•
Families•
Farm income•
Farmers•
Finance and Financial Sector•
Financial services•
Financial statements•
Fisheries•
Forfeiture•
Fringe benefits•
Funeral industry•
Gift tax•
Government Operations and Politics•
Government paperwork•
Government publicity•
Health•
Health insurance•
Hours of labor•
Housing and Community Development•
Housing finance•
Income tax•
Individual retirement accounts•
Industrial development bonds•
Infrastructure•
Inheritance tax•
Insurance premiums•
International Affairs•
International agencies•
International employees•
Internet•
Intranets•
Investments•
Labor and Employment•
Law•
Life expectancy•
Loans•
Local employees•
Lumber trade•
Marine and coastal resources, fisheries•
Married people•
Mass rapid transit•
Medical economics•
Metropolitan areas•
Minimum tax•
Minimum wages•
Mortgage loans•
National forests•
National parks•
Overtime•
Partnerships•
Pension funds•
Pension portability•
Personal income tax•
Planning•
Public Lands and Natural Resources•
Reforestation•
Retail trade•
Retirement•
Sales personnel•
Science, Technology, Communications•
Self-employed•
Skilled labor•
Small business•
Social Welfare•
State employees•
State taxation•
Stockholders•
Stocks•
Subsidiary corporations•
Systems analysis•
Tax administration•
Tax credits•
Tax cuts•
Tax deductions•
Tax exclusion•
Tax exemption•
Tax penalties•
Tax rates•
Tax returns•
Tax-deferred compensation plans•
Tax-exempt organizations•
Tax-exempt securities•
Taxpayers•
Transportation and Public Works•
Transportation workers•
Travel costs•
Trusts and trustees•
Urban affairs•
User charges•
Valuation•
Wages•
Wholesale trade•
Wilderness areas•
Wine•
Withholding tax•
Women•
Women's retirement•
World Wide Web

Comments

Recent Activity

Latest Summary11/28/2006
Small Business Tax Fairness Act of 2001 - Amends the Internal Revenue Code, with respect to small businesses, to, among other things: (1) provide for the full deduction of the health insurance costs of self-employed individuals; (2) increase the expe...

Latest Action8/13/2001
See H.R.1836.