,i #aacth ,,congress #ast ,session ,h4 ,r4 #hhf ,,in ,,the ,,house ,,of ,,representatives ,february #bh1 #bjac ,mr4 ,gerlach 7for himself and ,mr4 ,kind7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to provide tax relief for small businesses1 and for other purposes4 #a4 ,short title2 etc 7a7 ,short title ,this ,act may be cited as the ,america's ,small ,business ,tax ,relief ,act of #bjac4 7b7 ,references ,except as otherwise expressly provided1 whenever in this ,act an amendment or repeal is expressed in terms of an amendment to1 or repeal of1 a section or other provision1 the reference shall be considered to be made to a section or other provision of the ,internal ,revenue ,code of #aihf4 7c7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 etc4 ,sec4 #b4 #ajj-percent exclusion of gain on certain small business stock made permanent4 ,sec4 #c4 #e-year carryback of general business credits of eligible small businesses reinstated and made permanent4 ,sec4 #d4 ,alternative minimum tax rules for general business credits of eligible small businesses reinstated and made permanent4 ,sec4 #e4 ,reduction in recognition period for built-in gains tax made permanent4 ,sec4 #f4 ,increased expensing limitations and treatment of certain real property as section #agi property made permanent4 ,sec4 #g4 ,special rule for long-term contract accounting made permanent4 ,sec4 #h4 ,increase of amount allowed as a deduction for start-up expenditures reinstated and made permanent4 ,sec4 #i4 ,allowance of deduction for health insurance in computing self-employment taxes reinstated and made permanent4 #b4 #ajj-percent exclusion of gain on certain small business stock made permanent 7a7 ,in general ,paragraph 7#d7 of section #abjb7;a7 is amended-- 7#a7 by striking after the date of the enactment of the ,creating ,small ,business ,jobs ,act of #bjaj and before ,january #a1 #bjad and inserting after ,september #bg1 #bjaj1 and 7#b7 by striking during certain periods in #bjaj and #bjaa and inserting after ,september #bg1 #bjaj in the heading thereof4 7b7 ,effective date ,the amendments made by this section shall apply to stock acquired after ,december #ca1 #bjac4 #c4 #e-year carryback of general business credits of eligible small businesses reinstated and made permanent 7a7 ,in general ,subparagraph 7,a7 of section #ci7;a77#d7 is amended by striking determined in the first taxable year of the taxpayer beginning in #bjaj4 7b7 ,effective date ,the amendment made by this section shall apply to credits determined in taxable years beginning after ,december #ca1 #bjab4 #d4 ,alternative minimum tax rules for general business credits of eligible small businesses reinstated and made permanent 7a7 ,in general ,paragraph 7#e7 of section #ch7;c7 is amended-- 7#a7 by striking determined in taxable years beginning in #bjaj in subparagraph 7,a71 and 7#b7 by striking in #bjaj in the heading of such paragraph4 7b7 ,effective date ,the amendments made by this section shall apply to credits determined in taxable years beginning after ,december #ca1 #bjab1 and to carrybacks of such credits4 #e4 ,reduction in recognition period for built-in gains tax made permanent 7a7 ,in general ,subparagraph 7,a7 of section #acgd7;d77#g7 is amended by striking #aj-year period and inserting #e-year period4 7b7 ,conforming amendments 7#a7 ,paragraph 7#g7 of section #acgd7;d7 is amended by striking subparagraphs 7,b7 and 7,c7 and by redesignating subparagraph 7,d7 as subparagraph 7,b74 7#b7 ,subparagraph 7,b7 of section #acgd7;d77#g71 as redesignated by paragraph 7#a71 is amended by striking section #eic7;e7-- and all that follows and inserting section #eic7;e71 subparagraph 7,a7 shall be applied without regard to the phrase #e-year44 7c7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after ,december #ca1 #bjac4 #f4 ,increased expensing limitations and treatment of certain real property as section #agi property made permanent 7a7 ,in general ,subsection 7b7 of section #agi is amended-- 7#a7 by striking shall not exceed-- and all that follows in paragraph 7#a7 and inserting shall not exceed #ejj1jjj41 and 7#b7 by striking exceeds-- and all that follows in paragraph 7#b7 and inserting exceeds #b1jjj1jjj44 7b7 ,computer software ,clause 7ii7 of section #agi7;d77#a77;,a7 is amended by striking and which is placed in service in a taxable year beginning after #bjjb and before #bjad14 7c7 ,election ,paragraph 7#b7 of section #agi7;c7 is amended to read as follows3 7#b7 ,revocation of election ,any election made under this section1 and any specification contained in any such election1 may be revoked by the taxpayer with respect to any property1 and such revocation1 once made1 shall be irrevocable4 4 7d7 ,special rules for treatment of qualified real property ,paragraph 7#a7 of section #agi7;f7 is amended by striking beginning in #bjaj1 #bjaa1 #bjab1 or #bjac4 7e7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after ,december #ca1 #bjac4 #g4 ,special rule for long-term contract accounting made permanent 7a7 ,in general ,subparagraph 7,b7 of section #dfj7;c77#f7 is amended by striking which-- and all that follows and inserting which has a recovery period of #g years or less44 7b7 ,effective date ,the amendment made by this section shall apply to property placed in service after ,december #ca1 #bjac4 #h4 ,increase of amount allowed as a deduction for start-up expenditures reinstated and made permanent 7a7 ,in general ,clause 7ii7 of section #aie7;b77#a77;,a7 is amended-- 7#a7 by striking #e1jjj and inserting #aj1jjj1 and 7#b7 by striking #ej1jjj and inserting #fj1jjj4 7b7 ,conforming amendment ,subsection 7b7 of section #aie is amended by striking paragraph 7#c74 7c7 ,effective date ,the amendments made by this section shall apply to amounts paid or incurred in taxable years beginning after ,december #ca1 #bjab4 #i4 ,allowance of deduction for health insurance in computing self-employment taxes reinstated and made permanent 7a7 ,in general ,paragraph 7#d7 of section #afb7l7 is amended by striking 1 or after ,december #ca1 #bjaj4 7b7 ,effective date ,the amendment made by this section shall apply to taxable years beginning after ,december #ca1 #bjab4