Small Business Bill of Rights
Latest action. Read twice and referred to the Committee on Finance.
Small Business Bill of Rights
This bill modifies tax provisions, regulatory requirements, and legal procedures that affect small businesses.
Bringing Business Back Act of 2016
The bill amends the Internal Revenue Code to allow a tax exclusion for certain income attributable to real property in areas that meet criteria regarding unemployment, poverty, or other signs of distress.
The bill temporarily reduces the capital gains tax on certain small business stock, increases the deduction for start-up expenditures, and exempts small businesses from tax increases.
Federal agencies must review existing and proposed regulations that affect small businesses using specified criteria. Certain new small business regulations must expire after seven years, unless they are renewed.
Death Tax Repeal Act of 2016
The bill repeals the estate and generation-skipping transfer taxes and makes permanent the maximum 35% gift tax rate and the lifetime gift tax exemption. It also extends or makes permanent several tax credits and deductions related to energy efficiency.
With respect to the legal process, the bill establishes requirements and limitations for lawsuits arising from health care liability claims regarding health care goods or services or any medical product affecting interstate commerce.
The bill amends the Illegal Immigration Reform and Immigrant Responsibility Act of 1996 to permit verifications under the E-Verify program to be provided by telephone.
The bill amends the Small Business Act to modify policies regarding goals for participation of small businesses in procurement contracts and the bundling of contracts.
It also establishes criminal penalties for making false statements regarding status as a small business concern or compliance with the Small Business Act to obtain, retain, or complete a federal contract.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on September 7, 2016. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on September 7, 2016: Read twice and referred to the Committee on Finance.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 114th Congress (2015-16), 329 of the 10,233 bills and joint resolutions introduced became law, about 3.2 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
MARK KIRK (R-IL) introduced it on September 7, 2016. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on September 7, 2016, 3655 days ago. The most recent recorded action was 3655 days ago, on September 7, 2016.
Measures do not carry over. Anything the 114th Congress has not finished by January 3, 2017 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers