Legislators
Bills
Statements
Lobbying
Travel
Searching...- Bills
- S.296
S.296: A bill to amend the Internal Revenue Code of 1986 to expand the availability of the cash method of accounting for small businesses, and for other purposes.
About This Bill
- This bill was introduced in the 110th Congress
- This bill is primarily about taxation
- Introduced Jan. 16, 2007
- Latest Major Action Jan. 16, 2007
- See the one similar bills introduced in other congresses.
Bill Sponsor
Bill Cosponsor
Bill 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...
(Source: Library of Congress)
Bill Actions
| Date | Description |
|---|---|
|
Read twice and referred to the Committee on Finance.
|
|
| Jan. 16, 2007 |
Introduced in the Senate by Christopher S. Bond (R-Mo.) |