Bill > S1498

This bill, titled the Small Business Tax Fairness Act, aims to extend several expiring tax provisions that benefit small businesses. Specifically, it extends the temporary exclusion of 100 percent of the gain on certain small business stock until January 1, 2015, and adjusts the recognition period for the built-in gains tax for S-corporations to include 2014. The bill also temporarily increases the deduction for startup expenditures to include 2013 and 2014, and allows for the deduction of health insurance costs in computing self-employment taxes for 2013. Furthermore, it extends increased expensing limitations for certain business assets, including computer software and qualified real property, and adjusts the relevant years to 2014 and 2015 for these provisions. These changes are intended to provide continued tax relief and incentives for small businesses.