H.R. 5486: To amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes.

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H.R. 5486: To amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes.

111th Congress · introduced 2010-06-09 · Taxation · Latest: Pursuant to the provisions of H. Res. 1436, H.R. 5486 is laid on the table.

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Official title

To amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes.

Plain summary

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Title V: Tax Provisions - Small Business Jobs Tax Relief Act of 2010 - Subtitle A: Small Business Tax Incentives - Part 1: General Provisions - (Sec. 501) Amends the Internal Revenue Code to increase from 50% to 100% the exclusion from gross income of the gain from the sale or exchange of qualified small business stock acquired after March 15, 2010, and before January 1, 2012. Part 2: Limitations and Reporting on Certain Penalties - (Sec. 511) Limits the penalty for failure to disclose a reportable transaction (a transaction determined by the Internal Revenue Service [IRS] as having a potential for tax avoidance or evasion) to 75% of the decrease in tax resulting from such transaction. (Sec. 512) Requires the Commissioner of Internal Revenue to report by December 31, 2010, and annually thereafter, to the House Committee on Ways and Means and the Senate Committee on Finance on penalties assessed for certain tax shelters and reportable transactions. Part 3: Other Provisions - (Sec. 521) Increases the tax deduction for trade or business start-up expenditures from $5,000 to $20,000 in 2010 and 2011. (Sec. 522) Revises the definition of "qualified nonrecourse financing" to include qualified nonrecourse real property or Small Business Investment Company financing as amounts at risk for purposes of determining the deductibility of losses from certain investment activities, including farming, leasing, and energy exploration. (Sec. 523) Excludes from gross income any amount paid for a borrower under the Small Business Administration (SBA) borrower assistance program. Subtitle B: Revenue Provisions - (Sec. 531) Revises rules for valuing assets in grantor retained annuity trusts to require that the right to receive fixed amounts from an annuity last for a term of not less than 10 years, that such fixed amounts not decrease during the first 10 years of the annuity term, and that the remainder interest have a value greater than zero when transferred. (Sec. 532) Excludes any fuel with an acid number greater than 25 from the definition of "cellulosic biofuel" for purposes of the tax credit for alcohol used as fuel. (Sec. 533) Increases by 7.75% the estimated tax installment for the third quarter of 2015 for corporations with assets of not less than $1 billion.

Congressional Research Service summary (Passed House without amendment), quoted unchanged (nonpartisan). Read the source.

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

The strongest published arguments

Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

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

Officials and money

Sponsor: Rep. Levin, Sander M. [D-MI-12] · 0 cosponsors

Cost estimate: No cost estimate published yet.

Recorded votes

• House roll call 362 (2010): On Motion to Recommit with Instructions, HR5486 (2010-06-15): Failed
• House roll call 363 (2010): On Passage, HR5486 (2010-06-15): Passed

Sources

• Congressional Research Service summary (Passed House without amendment)
• Congress.gov
• Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-111hr5486.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/111/hr>

Record fed-us-cong111-hr5486 · catalog fed-us-congress-bills-cong111 · updated 2026-11-15 by psicol fed-bills-cong111