Small Business Bill of Rights

1/11/2023, 1:33 PM

Small Business Bill of Rights

This bill modifies tax provisions, regulatory requirements, and legal procedures that affect small businesses.

Bringing Business Back Act of 2016

The bill amends the Internal Revenue Code to allow a tax exclusion for certain income attributable to real property in areas that meet criteria regarding unemployment, poverty, or other signs of distress.

The bill temporarily reduces the capital gains tax on certain small business stock, increases the deduction for start-up expenditures, and exempts small businesses from tax increases.

Federal agencies must review existing and proposed regulations that affect small businesses using specified criteria. Certain new small business regulations must expire after seven years, unless they are renewed.

Death Tax Repeal Act of 2016

The bill repeals the estate and generation-skipping transfer taxes and makes permanent the maximum 35% gift tax rate and the lifetime gift tax exemption. It also extends or makes permanent several tax credits and deductions related to energy efficiency.

With respect to the legal process, the bill establishes requirements and limitations for lawsuits arising from health care liability claims regarding health care goods or services or any medical product affecting interstate commerce.

The bill amends the Illegal Immigration Reform and Immigrant Responsibility Act of 1996 to permit verifications under the E-Verify program to be provided by telephone.

The bill amends the Small Business Act to modify policies regarding goals for participation of small businesses in procurement contracts and the bundling of contracts.

It also establishes criminal penalties for making false statements regarding status as a small business concern or compliance with the Small Business Act to obtain, retain, or complete a federal contract.

Congress
114

Number
S - 3291

Introduced on
2016-09-07

# Amendments
0

Sponsors
+5

Variations and Revisions

9/7/2016

Status of Legislation

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

Purpose and Summary

Small Business Bill of Rights

This bill modifies tax provisions, regulatory requirements, and legal procedures that affect small businesses.

Bringing Business Back Act of 2016

The bill amends the Internal Revenue Code to allow a tax exclusion for certain income attributable to real property in areas that meet criteria regarding unemployment, poverty, or other signs of distress.

The bill temporarily reduces the capital gains tax on certain small business stock, increases the deduction for start-up expenditures, and exempts small businesses from tax increases.

Federal agencies must review existing and proposed regulations that affect small businesses using specified criteria. Certain new small business regulations must expire after seven years, unless they are renewed.

Death Tax Repeal Act of 2016

The bill repeals the estate and generation-skipping transfer taxes and makes permanent the maximum 35% gift tax rate and the lifetime gift tax exemption. It also extends or makes permanent several tax credits and deductions related to energy efficiency.

With respect to the legal process, the bill establishes requirements and limitations for lawsuits arising from health care liability claims regarding health care goods or services or any medical product affecting interstate commerce.

The bill amends the Illegal Immigration Reform and Immigrant Responsibility Act of 1996 to permit verifications under the E-Verify program to be provided by telephone.

The bill amends the Small Business Act to modify policies regarding goals for participation of small businesses in procurement contracts and the bundling of contracts.

It also establishes criminal penalties for making false statements regarding status as a small business concern or compliance with the Small Business Act to obtain, retain, or complete a federal contract.

Alternative Names
Official Title as IntroducedA bill to establish tax, regulatory, and legal structure in the United States that encourages small businesses to expand and innovate, and for other purposes.

Policy Areas
Taxation

Comments

Recent Activity

Latest Summary4/3/2017

Small Business Bill of Rights

This bill modifies tax provisions, regulatory requirements, and legal procedures that affect small businesses.

Bringing Business Back Act of 2016

The bill amends the Internal Rev...


Latest Action9/7/2016
Read twice and referred to the Committee on Finance.