The effects of the pandemic have been felt by all, especially small-business owners, and even more acutely by minority-owned small businesses.
Author Archives for Chana Elgin
This week, President Biden signed the Inflation Reduction Act into law which includes a stock repurchase excise tax, increased funding for IRS enforcement, climate provisions and prescription drug price policies among other items.
The budget reconciliation bill signed this week by President Biden ultimately rejected a proposal to expand the net investment income tax (NIIT) as a pay-for in the bill, a win for small business
The combined deficit reduction savings of the initial legislation would total roughly $295 billion over 10 years.
The Senate rejected efforts to expand the net investment income tax (NIIT) from the Senate version of the reconciliation package - a major win for small businesses.
On Aug. 7, the Senate voted 51 to 50 along party lines to pass the budget reconciliation bill, clearing the way for the House to return from its August recess on Friday, Aug. 12 to consider the bill.
On Tuesday, Aug. 2, President Biden signed into law the $280 billion CHIPS-Plus Act, legislation intended to significantly boost domestic semiconductor production, plus authorize scientific research for the next ten years.
The path forward for budget reconciliation legislation took an unexpected turn late last week, but leaders promise no new taxes for small business.
The centerpiece of small business opportunities in the bill is more than $50 billion in subsidies for domestic semiconductor manufacturing and research.
On July 27, the Senate passed the $280 billion CHIPS-Plus package, absent reauthorizing language for SBIR/STTR, sending it to the House for final action as soon as this week.