H.R. 1763 would provide tax relief for small businesses.
Detailed Summary
Responsible Reinvestment Act of 2009 - Makes permanent the repeal of the estate tax.
Amends the Internal Revenue Code to: (1) increase to $500,000 the maximum expensing allowance for depreciable business assets; (2) allow first-year expensing of manufacturing and agricultural property; (3) allow a 20% tax deduction for qualified small business income; (4) allow a deduction from self-employment income for health insurance, health savings account contributions, and simplified employee pension plan contributions; and (5) increase the limit on the tax deduction for contributions to a simplified employee pension plan.
Status of the Legislation
Latest Major Action: 3/26/2009: 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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