Small Business Flexibility Act (H.R. 4006 and S. 2462)
Introduced by Ways and Means Members Clay Shaw (R-FL) and John Tanner (D-TN) and Senators Olympia Snowe (R-ME) and Blanche Lincoln (D-AR), the b Small Business Flexibility Actb allows start-up S corporations to elect taxable years other than the calendar year.B This gives S corporations greater flexibility to choose a financial year-end that corresponds with their business cycle.