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Key Votes

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

National Key Votes

G.K. Butterfield, Jr. voted Nay (Passage) on this Legislation.

Read statements G.K. Butterfield, Jr. 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

Sponsors

  • Eric I. Cantor (VA - R) (Out Of Office)

Co-sponsors

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