S. 2675: A bill to amend the Internal Revenue Code of 1986 to expand the availability of the cash method of accounting for small business, and for other purposes.

108th Congress · introduced 2004-07-15 · Taxation · Latest: Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S8238-8239)

federal

Follow this bill, step by step

Where it came from: introduced 2004-07-15 · official record
Who proposed it: Sen. Snowe, Olympia J. [R-ME] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S8238-8239) Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

A bill to amend the Internal Revenue Code of 1986 to expand the availability of the cash method of accounting for small business, and for other purposes.

Plain summary

Amends the Internal Revenue Code to exempt certain small business taxpayers from the requirements of using the accrual method of accounting and of using inventories. Allows such taxpayers to use a cash method of accounting if they meet the gross receipts test and are not engaged in farming as a corporation. Increases the amount of the gross receipts test to $10 million (currently, $5 million) and permits an annual inflation adjustment of that amount. Amends the Social Security Act to require State unemployment compensation laws to: (1) permit an employer to transfer its unemployment compensation risk experience to an acquiring business unless such transfer is made solely or primarily to enable the acquiring business to obtain a lower rate of unemployment contribution; and (2) provide for meaningful civil and criminal penalties for transfers made in violation of State unemployment compensation law. Directs the Secretary of Health and Human Services to disclose to State unemployment compensation agencies information from the National Directory of New Hires to assist States in administering an unemployment compensation program under Federal or State law. Provides penalties for the improper disclosure or misuse of information by State agency officers or employees.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

A bill to amend the Internal Revenue Code of 1986 to expand the availability of the cash method of accounting for small business, and for other purposes.

Source: Congressional Research Service summary (Introduced in Senate)

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Snowe, Olympia J. [R-ME] · 0 cosponsors

Cost estimate: No cost estimate published yet.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (3)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Exemption: A rule that removes certain people, property or activities from a tax or requirement.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-108s2675.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/108/s>

Record fed-us-cong108-s2675 · catalog fed-us-congress-bills-cong108 · updated 2026-11-15 by psicol fed-bills-cong108