S. 2917 · 111th Congress
Small Business Penalty Fairness Act of 2009
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Passed the Senate without a recorded vote, then expired. It passed by voice vote or unanimous consent, which don't record how each member voted, but didn't become law before the 111th Congress ended.
D
BaucusSponsor12 cosponsors · 4 D, 8 R
R
Bond
SB
R
Brownback
MC
R
Crapo
CG
R
Grassley
OH
R
Hatch
RL
R
Lugar
ML
D
Landrieu
BN
D
Nelson
PR
R
Roberts
EB
D
Bayh
MJ
R
Johanns
BL
D
Lincoln9 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
- Senate Introduced Dec 18, 2009
- Senate Passed Feb 9, 2010
Small Business Penalty Fairness Act of 2009 - Amends the Internal Revenue Code to limit 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 shown on the return as a result of such transaction.
What it does: CRS summary · Passed Senate without amendment · Feb 9, 2010
(This measure has not been amended since it was introduced. The summary of that version is repeated here.)
Small Business Penalty Fairness Act of 2009 - Amends the Internal Revenue Code to limit 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 shown on the return as a result of such transaction. Sets forth a maximum penalty for failure to report a reportable transaction and a minimum and maximum penalty for failure to report a listed transaction (a transaction specifically identified by the IRS as a tax avoidance transaction).
Requires the Commissioner of Internal Revenue to report by June 1, 2010, and then annually, to Congress on penalties relating to abusive tax shelters and reportable transactions.
Extends the penalty for tendering a bad check to the Internal Revenue Service to any commercially acceptable payment instrument (including electronic payments).
Expands the continuous tax levy on payments to vendors for goods and services to include payments for all property, goods, or services.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Small Business Penalty Fairness Act of 2009
Latest action (Feb 22, 2010): Held at the desk.
Policy area: Taxation · Origin: Senate · Introduced: Dec 18, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- Senate Introduced Dec 18, 2009
- Senate Passed Feb 9, 2010
No recorded floor vote found.