Small Business Tax Cut Bill Gets Nod from House Lawmakers

The House on April 19 passed legislation that would grant a 20-percent tax cut to small businesses with up to 500 employees. Introduced by House Majority Leader Eric Cantor, R-Va., the Small Business Tax Cut Bill (HR 9) drew bipartisan support and passed the House by a vote of 235 to 173. The measure faces a veto threat from President Obama and is unlikely to get a vote in the Democrat-controlled Senate.

Lawmakers used the measure to debate the political differences between the parties, including their stances on deficit reduction, tax reform, job creation, middle-class tax relief and entitlement reform. The one-year measure, which did not include a revenue offset, would cost $46 billion in 2013.

By Stephen K. Cooper, CCH News Staff

Ways and Means Press Release: Chairman Dave Camp Floor Statement on HR 9, the Small Business Tax Cut Act

Ways and Means Press Release: Levin Floor Statement on GOP Tax Cut Giveaway to Wealthy

AUTHOR

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

All stories by: Wolters Kluwer Tax and Accounting