H.R. 3362, The Tax Fairness for Small Business Act of 2007

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

Version saved on September 10, 2007, 18:26:23, by webmaster:

H.R. 3362 would 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.

Detailed Summary

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.

Status of the Legislation

Latest Major Action: 8/3/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.

Points in Favor

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Points Against

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