H.R.546 - Small Business Tax Fairness Act of 2001107th Congress (2001-2002)
|Sponsor:||Rep. Quinn, Jack [R-NY-30] (Introduced 02/08/2001)|
|Committees:||House - Education and the Workforce; Ways and Means|
|Latest Action:||08/13/2001 See H.R.1836.|
|Notes:||For further action, see H.R. 1836, which became Public Law 107-16 on 6/7/2001.|
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Summary: H.R.546 — 107th Congress (2001-2002)All Bill Information (Except Text)
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.
Introduced in House (02/08/2001)
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.