Tax Law Updates | New Proposed Legislation
June 14, 2010
US House Ways and Means Committee Releases Report on Small Business Jobs Tax Relief Act of 2010
Small Business Jobs Tax Relief Act of 2010
H.R. 5486, 6/9/2010
The U.S. Congress House Ways and Means Committee has issued a summary and cost estimates for H.R. 5486, the Small Business Jobs Tax Relief Act of 2010, a legislation that seeks to provide tax incentives to businesses to spur job creation.
In its report, the Committee laid down the features of the bill:
100% Exclusion of small business capital gains. Under current law, Section 1202 provides a fifty-percent (50%) exclusion for gain from the sale of certain small business stock that is held for more than five years. The amount of gain eligible for the Section 1202 exclusion is limited to…
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