,i  #aac? ,,congress  #b;d ,session  ,h4
 ,r4 #efcf  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,septemb] #ah1 #bjad  
,mr4 ,pet]s ( ,cali=nia 7= himself1     
,mrs4 ,napolitano1 ,mr4 ,v>gas1 ,mr4    
,murphy ( ,florida1 & ,mr4 ,delaney7    
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,ways & ,means  ,a     
,,bill  ,to am5d ! ,int]nal ,rev5ue     
,code ( #aihf to cut & r$uce excess &   
duplicative tax assessm5ts & pap]work = 
entrepr5eurs4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,cut ,,r$tape ,act4    
#b4 ,exemption ( new small bus9esses f  
e/imat$ income tax paym5ts  7a7         
,individuals ,section #ffed ( ! ,int]nal
 ,rev5ue ,code ( #aihf is am5d$ by      
r$esignat+ subsection 7n7 z subsection  
7o7 & by ins]t+ aft] subsection 7m7 !   
foll[+ new subsection3  7n7 ,special    
rule = new small bus9esses  7#a7 ,9     
g5]al ,no addition to tax %all be impos$
 "u subsection 7a7 ) respect to income f
 a new small bus9ess4  7#b7 ,income f a 
new small bus9ess ,= purposes ( p>agraph

 7#a71 income f a new small bus9ess     
means1 ) respect to any individual1     
income f a trade or bus9ess if ! gross  
receipts ( su* trade or bus9ess = !     
cal5d> ye> end+ ) or )9 ! taxable ye> ( 
! individual d n exce$ #a1jjj1jjj4  7#c7
 ,limit$ application ,p>agraph 7#a7 %all
 n apply to income f a new small bus9ess
 = any taxable ye> beg9n+ aft] #b ye>s  
aft] ! date on :i* ! new small bus9ess  
is =m$4  7#d7 ,controll$ gr\ps  7,a7 ,9 
g5]al ,= purposes ( ?is subsection1 all 
p]sons treat$ z a s+le employ] "u       
subsection 7a7 or 7b7 ( section #eb or  
subsection 7m7 or 7o7 ( section #dad    
%all be treat$ z a s+le trade or        
bus9ess4  7,b7 ,inclusion ( =eign       
corporations ,= purposes ( subp>agraph  
7,a71 9 apply+ subsections 7a7 & 7b7 (  
section #eb to ?is section1 section     
#aefc %all be appli$ )\t reg>d to       
subsection 7b77#b77;,c7 !re(4  4  7b7   
,corporations ,section #ffee ( !        
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by r$esignat+ subsection 7j7 z          

subsection 7k7 & by ins]t+ aft]         
subsection 7i7 ! foll[+ new subsection3 
7j7 ,special rule = new small bus9esses 
7#a7 ,9 g5]al ,no addition to tax %all  
be impos$ "u subsection 7a7 ) respect to
 income f a new small bus9ess4  7#b7    
,income f a new small bus9ess ,=        
purposes ( p>agraph 7#a71 income f a new
 small bus9ess means income f a trade or
 bus9ess if ! gross receipts ( su* trade
 or bus9ess = ! taxable ye> d n exce$   
#a1jjj1jjj4  7#c7 ,limit$ application   
,p>agraph 7#a7 %all n apply to income f 
a new small bus9ess = any taxable ye>   
beg9n+ aft] #b ye>s aft] ! date on :i* !
 new small bus9ess is incorporat$4  7#d7
 ,controll$ gr\ps  7,a7 ,9 g5]al ,=     
purposes ( ?is subsection1 all p]sons   
treat$ z a s+le employ] "u subsection   
7a7 or 7b7 ( section #eb or subsection  
7m7 or 7o7 ( section #dad %all be treat$
 z a s+le trade or bus9ess4  7,b7       
,inclusion ( =eign corporations ,=      
purposes ( subp>agraph 7,a71 9 apply+   
subsections 7a7 & 7b7 ( section #eb to  

?is section1 section #aefc %all be      
appli$ )\t reg>d to subsection          
7b77#b77;,c7 !re(4  4  7c7 ,effective   
date ,! am5dm5ts made by ?is section    
%all apply to taxable ye>s beg9n+ aft]  
,decemb] #ca1 #bjad4