To amend the Internal Revenue Code of 1986 to allow 5-year amortization of goodwill and other section 197 intangibles that are acquired from a small business.
Tax Fairness for Small Business Act of 2007- Amends the Internal Revenue Code to allow an accelerated five-year amortization period for goodwill and other business intangibles acquired from certain small businesses (businesses whose average three-year gross receipts do not exceed $5 million) after December 31, 2006. Limits the amount eligible for such amortization to $5 million.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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