Small Business Tax Relief Act of 2009 (S. 1381)

Introduced by Senate Finance Committee Ranking Member Chuck Grassley (R-IA), on June 25th, 2009,B B the Small Business Tax Relief Act of 2009 contains a number of small-business friendly tax provisions, including one of ourB S-CORP priorities b built-in-gains relief.B B The legislation includes:

  • Reducing the BIG holding period from 10 to 5 years;
  • Providing a 20 percent deduction for flow-through business income for businesses with less than $50 million in annual gross receipts; and
  • Increasing Section 179 expensing, lowering corporate rates, exempting business credits from the AMT, and other items.

Itbs great to see thatB ourB S-CORP champions on the Hill continue to recognize the importance of our S corporation community to growth and job creation.

Click here to read the full text of the legislation