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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Bring Small Businesses Back Tax Reform Act

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Internal Revenue Code of 1986 to provide a lower rate of tax on a portion of pass-through business income, and for other purposes.

Actions Overview (1)

Date Actions Overview
05/27/2016Introduced in House

All Actions (2)

Date All Actions
05/27/2016Referred to the House Committee on Ways and Means.
Action By: House of Representatives
05/27/2016Introduced in House
Action By: House of Representatives

Cosponsors (4)

* = Original cosponsor
CosponsorDate Cosponsored
Rep. Carter, Earl L. "Buddy" [R-GA-1] 07/07/2016
Rep. Bishop, Mike [R-MI-8] 07/18/2016
Rep. Smith, Jason [R-MO-8] 09/15/2016
Rep. Coffman, Mike [R-CO-6] 09/15/2016

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Ways and Means05/27/2016 Referred to

No related bill information was received for H.R.5374.

Subjects (7)

Latest Summary (1)

There is one summary for H.R.5374. View summaries

Shown Here:
Introduced in House (05/27/2016)

Bring Small Businesses Back Tax Reform Act

This bill amends the Internal Revenue Code to establish new maximum individual tax rates for qualified business income that does not exceed $1 million (i.e., small business income). The maximum rates are: (1) 10% of such income not exceeding $150,000, and (2) 20% for income that exceeds $150,000 and is not more than $1 million.

The rates apply to up to $1 million of qualified business income that is: (1) gross earnings derived by an individual from any active trade or business carried on by the individual, excluding deductions attributable to the trade or business; and (2) the taxpayer's distributive or pro rata share of pass-through income from entities such as a partnership or S corporation. Qualified business income does not include capital gains, interest, dividends, or royalties.

For taxpayers that are not a corporation or a partnership with a corporation as a partner, the bill repeals the annual limitation on the election to deduct certain depreciable business assets.

The bill also permits certain small businesses whose average gross receipts do not exceed $25 million (currently, $5 million) to use the cash accounting method without limitations and exempts such businesses from inventory rules.