House Bill 8559
117th Congress(2021-2022)
Small Business Owner Tax Relief Act of 2022
Introduced
Introduced in House on Jul 28, 2022
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
8559
Congress
117
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
No House votes have been held for this bill.
Summary
Small Business Owner Tax Relief Act of 2022
This bill increases the tax deduction for the payroll taxes of small businesses and imposes an excise tax on corporations for their stock repurchases.
The bill allows self-employed taxpayers earning less than $400,000 in a taxable year to deduct three-quarters (currently, one-half) of their payroll taxes.
The bill also imposes an excise tax of 0.8% on the fair market value of any stock of a publicly traded domestic corporation that is repurchased by the corporation during the taxable year.
July 28, 2022
07/28/2022
Referred to the House Committee on Ways and Means.
07/28/2022
Introduced in House
Public Record
Record Updated
Dec 29, 2022 6:18:42 PM