House small biz bill heads to Rules

The House already passed a small business tax bill in March that did not include loan opportunities to businesses, which the second package will provide. 

On taxes, the bill is expected to zero-out capital gains for small business C corporations and provide IRS penalty relief for smaller companies that invested in listed transactions.  

The new legislation is expected to cost approximately $8 billion and will be fully offset by limiting the use of GRATS (Grantor Retained Annuity Trusts) and making the highly corrosive fuel called “crude tall oil” ineligible for a cellulosic biofuel producer credit.

Similar legislation is being created in the Senate, but House Ways and Means Chairman Sandy Levin (D-Mich.) expects it will deviate some from what eventually passes his chamber.