Certified Public Accountants

House Passes Small Business Tax Cut Bill

Aug 14, 2012

The House has passed a bill sponsored by House Minority Leader Eric Cantor, R-Va., H.R. 9, to give a 20 percent tax deduction for the domestic activities of small businesses. The deduction would be available to businesses employing fewer than 500 workers. The Small Business Tax Cut Act  was approved by the House Ways and Means Committee in late March. This deduction would equal 20 percent of the active business income of businesses and business owners who pay their taxes at the individual or corporate level. Cantor has estimated that the bill will impact nearly 22 million small businesses throughout the country.  For more information on the legislation, see:
http://www.majorityleader.gov/ SmallBiz/