H.R. 3937 · 118th Congress
Small Business Jobs Act
- Stage
- Reported from committee
- Sponsor
- Jason Smith
- Introduced
- 2023-06-09
- Latest action
- 2023-06-30 · Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-128.
Summary
Small Business Jobs Act
This bill provides tax incentives for investment in small businesses. Among other provisions, the bill
increases from $600 to $5,000 (adjusted annually for inflation) the general reporting threshold for services performed by an independent contractor or subcontractor, restores reporting requirements for third party network transactions, modifies the exclusion of gain from the sale of qualified small business stock, increases the ceiling for expensing of depreciable business assets, establishes rural opportunity zones, and reinstates reporting requirements for qualified opportunity zones and applies such requirements to qualified rural opportunity zones.