A bill to amend the Internal Revenue Code of 1986 to provide incentives to small businesses.
Bringing Opportunities to Our Small Business Taxpayers Act or BOOST Act - Amends the Internal Revenue Code to: (1) make permanent the $100,000 expensing allowance for small business assets; (2) expand eligibility of small businesses for cash accounting; (3) revise S corporation rules relating to built-in gains, passive income, and shareholder eligibility; (4) allow certain small businesses a tax credit for contributions to employee retirement plans; and (5) allow a deduction from self-employment income for retirement plan contributions and for health insurance costs.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S9057)
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S9057-9060)
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