Omnibus Small Business Promotion and Protection Act of 1993

TABLE OF CONTENTS:

Title I: Small Business Tax Incentives

Title II: Increase of Number of Permitted S Corporation

Shareholders

Title III: Women-Owned Small Business Concerns

Title IV: Prepayment of Development Company Debentures

Title V: Cabinet Level Status for SBA Administrator

Title VI: Assistant United States Trade Representative for

Small Business

Title VII: Judicial Review Under Regulatory Flexibility Act

Title VIII: Congressional Budget Office Small Business

Legislative Cost Analysis

Title IX: Relief From Retroactive Application of Treasury

Department Regulations and Rulings

Title X: Study of Impact of Regulatory Analysis Upon Small

Business

Title XI: Fair Labor Standards Act

Title XII: Independent Contractors

Omnibus Small Business Promotion and Protection Act of 1993 -Title I: Small Business Tax Incentives - Amends the Internal Revenue Code to extend permanently: (1) the income tax credit for increasing research activities and the targeted jobs credit; (2) the authority to issue bonds for which 95 percent or more of the proceeds are used to provide any manufacturing facility or farm land or property; (3) the exclusion from gross income of payments to an educational assistance program; and (4) an increased deduction (from 25 to 100 percent of such insurance costs) for health insurance costs of self-employed individuals.

Title II: Increase of Number of Permitted S Corporation Shareholders - Amends the Internal Revenue Code to increase from 35 to 50 the maximum number of shareholders of a "small business corporation."

Title III: Women-Owned Small Business Concerns - Amends the Small Business Act to: (1) include as socially disadvantaged small business concerns those which have been subjected to gender-based prejudice; (2) include women under the definition of socially and economically disadvantaged individuals for contracting purposes; and (3) prohibit the application of community property laws in determining whether a small business meets certain ownership and control requirements.

Title IV: Prepayment of Development Company Debentures - Amends the Small Business Investment Act of 1958 to allow the issuer of a debenture purchased by the Federal Financing Bank and guaranteed by the Small Business Administration (SBA), at the election of the borrower whose loan secures the debenture, to prepay such debenture by payment to the Federal Financing Bank of the unpaid principal balance and any required prepayment penalty.

Title V: Cabinet Level Status for SBA Administrator - Expresses the sense of the Congress that the SBA Administrator should be designated by the President as a full-fledged member of the Cabinet. Increases the Administrator's pay to an executive level commensurate with Cabinet status.

Title VI: Assistant United States Trade Representative for Small Business - Expresses the sense of the Congress that the U.S. Trade Representative should establish the position of Assistant United States Trade Representative for Small Business to promote small business exports and remove foreign impediments to such exports.

Title VII: Judicial Review Under Regulatory Flexibility Act - Amends the Regulatory Flexibility Act to repeal the proscription against judicial review of agency determinations regarding regulatory flexibility.

Title VIII: Congressional Budget Office Small Business Legislative Cost Analysis - Amends the Congressional Budget Act of 1974 to require the Director of the Congressional Budget Office to prepare for each public bill or resolution reported by a congressional committee an estimate of the costs incurred in carrying out such bill or resolution and costs to small businesses in complying with such legislation.

Title IX: Relief from Retroactive Application of Treasury Department Regulations and Rulings - Amends the Internal Revenue Code to provide that all final, temporary, or proposed regulations and rulings issued by the Secretary of the Treasury shall apply prospectively from the date of their publication in the Federal Register.

Title X: Study of Impact of Regulatory Analysis Upon Small Business - Requires the SBA's Chief Counsel for Advocacy to study the impact of Federal regulatory paperwork and tax requirements upon small business.

Title XI: Fair Labor Standards Act - Amends the Fair Labor Standards Act of 1938 with respect to minimum wage and maximum hours to include within its purview workers engaged in industrial homework.

Title XII: Independent Contractors - Expresses the sense of the Congress that the Internal Revenue Service should adopt objective, reasonable standards to determine independent contractor status.