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Key Votes

HR 9 - Income Tax Deduction for Small Businesses - Key Vote

National Key Votes

Chris Murphy voted Nay (Passage) on this Legislation.

Read statements Chris Murphy made in this general time period.

Stages

Family

Issues

Stage Details

Legislation - Referred to Committee (Senate) -
Legislation - Bill Passed (House) (235-173) - (Key vote)

Title: Income Tax Deduction for Small Businesses

Vote Smart's Synopsis:

Vote to pass a bill that establishes an income tax deduction of 20 percent for small businesses, beginning in the 2012 tax year.

Highlights:
  • Authorizes a qualified small business to claim a tax deduction of 20 percent of the lesser of the following (Sec. 2):
    • Qualified domestic business income for the taxable year; or
    • Taxable income for the taxable year.
  • Defines a “qualified small business” as any employer engaged in a trade or business who employs fewer than 500 full-time employees (Sec. 2).
  • Defines “qualified domestic business income” as the businesses' gross receipts for the taxable year, minus the cost of any goods that were sold, business expenses, and losses (Sec. 2).
  • Limits the deduction to 50 percent of the greater of the following (Sec. 2):
    • The wages paid to employees who are not owners of the business; or
    • The sum of the wages paid to non-owner family members and owners of less than 10 percent of the business' stock, capital or profits.

 

Legislation - Introduced (House) -

Title: Income Tax Deduction for Small Businesses

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