H.R. 546 — Small Business Tax Fairness Act of 2001

Summary

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.

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.

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Related Legislation

H.R. 1836Retirement Savings bill
2001-06-07Became Public Law No: 107-16.
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Legislative Actions

2001-02-08
Introduced in House
2001-02-08
Introduced in House
2001-02-08
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2001-02-08
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2001-02-08
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2001-03-29
Referred to the Subcommittee on Workforce Protections.
2001-08-13
See H.R.1836.

Small Business Tax Fairness Act of 2001

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