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Special Projects in the 107th Congress
| Title |
Small Employer Tax Relief Act (H.R. 1037) |
| Details |
The Small Employer Tax Relief Act is a bipartisan package of tax cut priorities and tax simplifications for small businesses. Complementing the marginal rate reductions and death tax repeal championed and recently signed into law by President Bush, SETRA 2001 marks additional small business, tax incentives to spur continued economic growth in the new millennium. Among many important provisions, the bill would provide several long-championed small business tax cuts, including immediately accelerating the 100 percent health insurance deduction for the self-employed, increasing expensing, simplifying cash accounting, repealing the outdated FUTA 0.2 percent surtax, simplifying the home office deduction, and repealing the individual alternative minimum tax. |
| Title |
Independent Contractor Bill (H.R. 1783) |
| Details |
The Independent Contractor Determination Act of 2001 (H.R. 1783) would clarify and simplify the determination of whether an individual worker is an employee or an independent contractor. H.R. 1783 would provide a new safe harbor based on objective criteria designed to protect both employees and independent contractors. These criteria include economic and workplace independence, a written contract, and the ability to realize a profit or loss. The bill limits the ability of the IRS to reclassify workers retroactively. In addition, the bill includes an effective anti-abuse provision that would limit the ability of corporations to treat former employees as independent contractors. |
| Title |
Regulatory Reform |
| Details |
What actions are being taken to reduce regulatory burdens on small businesses? |
| Title |
Small Business Export Enhancement Act of 2001 |
| Details |
The Small Business Export Enhancement Act (HR 1782) creates a position with the Office of the United States Trade Representative (USTR) dedicated full-time towards advocating for small business exporters in trade policy discussions, primarily in the area of making it easier to get U.S. goods and services exported abroad. |
| Title |
The Small Business Pollution Prevention Act (H.R. 978) |
| Details |
The bill provides a tax credit of 20 percent of the basis of qualified dry or wet cleaning property placed in service (40 percent of the basis of such equipment placed in service in empowerment zones, enterprise communities, or renewal communities). Qualified dry or wet cleaning property means equipment designed primarily to clean textiles by professional dry or wet cleaners using nonhazardous solvents as the primary process solvents. |
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