S. 3857 · 109th Congress
BOOST Act
- Stage
- In committee
- Sponsor
- Gordon Smith
- Introduced
- 2006-09-06
- Latest action
- 2006-09-06 · Introduced in Senate
Summary
Bringing Opportunities to Our Small Business Taxpayers Act or BOOST Act - Amends the Internal Revenue Code to: (1) make permanent the $100,000 expensing allowance for small business assets; (2) expand eligibility of small businesses for cash accounting; (3) revise S corporation rules relating to built-in gains, passive income, and shareholder eligibility; (4) allow certain small businesses a tax credit for contributions to employee retirement plans; and (5) allow a deduction from self-employment income for retirement plan contributions and for health insurance costs.