A bill to establish tax, regulatory, and legal structure in the United States that encourages small businesses to expand and innovate, and for other purposes.
Small Business Bill of Rights
This bill modifies tax provisions, regulatory requirements, and legal procedures that affect small businesses.
Bringing Business Back Act of 2016
The bill amends the Internal Revenue Code to allow a tax exclusion for certain income attributable to real property in areas that meet criteria regarding unemployment, poverty, or other signs of distress.
The bill temporarily reduces the capital gains tax on certain small business stock, increases the deduction for start-up expenditures, and exempts small businesses from tax increases.
Federal agencies must review existing and proposed regulations that affect small businesses using specified criteria. Certain new small business regulations must expire after seven years, unless they are renewed.
Death Tax Repeal Act of 2016
The bill repeals the estate and generation-skipping transfer taxes and makes permanent the maximum 35% gift tax rate and the lifetime gift tax exemption. It also extends or makes permanent several tax credits and deductions related to energy efficiency.
With respect to the legal process, the bill establishes requirements and limitations for lawsuits arising from health care liability claims regarding health care goods or services or any medical product affecting interstate commerce.
The bill amends the Illegal Immigration Reform and Immigrant Responsibility Act of 1996 to permit verifications under the E-Verify program to be provided by telephone.
The bill amends the Small Business Act to modify policies regarding goals for participation of small businesses in procurement contracts and the bundling of contracts.
It also establishes criminal penalties for making false statements regarding status as a small business concern or compliance with the Small Business Act to obtain, retain, or complete a federal contract.
Read twice and referred to the Committee on Finance.
Received in the Senate.
Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
Referred to the Subcommittee on Health.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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Committee Consideration and Mark-up Session Held.
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
Read twice and referred to the Committee on Finance.