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![handle is hein.congrecreports/crptxafll0001 and id is 1 raw text is: AUTHENTICATED
U.GOVERNMENT
INFORMATION .
118TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 118-128
SMALL BUSINESS JOBS ACT
JUNE 30, 2023.-Committed to the Committee of the Whole House on the State of
the Union and ordered to be printed
Mr. SMITH of Missouri, from the Committee on Ways and Means,
submitted the following
R E P O R T
together with
DISSENTING VIEWS
[To accompany H.R. 3937]
The Committee on Ways and Means, to whom was referred the
bill (H.R. 3937) to amend the Internal Revenue Code of 1986 to
promote the establishment and growth of small businesses, having
considered the same, reports favorably thereon with an amendment
and recommends that the bill as amended do pass.
CONTENTS
Page
I. SUMMARY AND BACKGROUND .............................................................. 12
A. Purpose and Summary ..................................................................... 12
B. Background and Need for Legislation ............................................. 12
C. Legislative History ............................................................................ 14
D. Designated Hearings ........................................................................ 14
II. EXPLANATION OF THE BILL ................................................................... 14
A. Increase in Threshold for Requiring Information Reporting with
Respect to Certain Payees (sec. 2 of the bill and secs. 6041,
6041A, and 3406(b)(6) of the Code) ............................................... 14
B. Restoration of Reporting Rule for Third Party Network Trans-
actions (sec. 3 of the bill and sec. 6050W(e) of the Code) ............ 18
C. Modifications to Exclusion for Gain from Qualified Small Busi-
ness Stock (sec. 4 of the bill and sec. 1202 of the Code) ............. 22
D. Increase in Limitations on Expensing of Depreciable Business
Assets (sec. 5 of the bill and sec. 179 of the Code) ...................... 26
E. Establishment of Special Rules for Capital Gains Invested in
Rural Opportunity Zones, and Reporting on Qualified Oppor-
tunity Funds and Qualified Rural Opportunity Funds (secs.
6 and 7 of the bill and new secs. 1400Z 3, 6039K, 6039L,
and 6726 of the Code) .................................................................... 29
39-006](ViewImageLocal?handle=hein.congrecreports/crptxafll0001&div=1&collection=&method=preview&ext=.png&size=3)