The Small Business Tax Extenders Act of 2012 (S. 2050)
Senators Olympia Snowe (R-ME) and Mary Landrieu (D-LA) introduced the Small Business Tax Extenders Act of 2012 (S. 2050) to extend through 2012 those tax provisions benefiting Main Street businesses that were allowed to expire last year including, an S-CORP priority, built-in gains (BIG) relief. Other provisions include extensions of the:
- Temporary 100 percent exclusion of gains on certain small business stock;
- 5-year carryback of general business credits of eligible small businesses;
- AMT rules for general business credits of eligible small businesses;
- Increased Section 179 expensing limitations and treatment of certain real property;
- Special rule for long-term contract accounting;
- Increased amount allowed as a deduction for start-up expenditures; and,
- Allowance of the deduction for health insurance in computing self-employment taxes.
View the full text of the bill here.