House Releases Small Business Tax Reform Options

House Ways & Means Committee Chair Dave Camp today released a third tax reform discussion draft focused on small business:

The discussion draft contains several core components that simplify tax compliance for small businesses and provide certainty with respect to the ability of small businesses to recover certain costs immediately.  These include widely supported reforms such as permanent section 179 expensing and expansion of the “cash accounting” method, amongst other provisions.  The discussion draft also includes two separate options designed to achieve greater uniformity between S corporations and partnerships – one that revises current rules and a second that replaces current tax rules with a new unified pass-through regime.

• Summary
• Press Release
• Fact Sheet
• Discussion Draft Text
• Technical Explanation

Press and blogosphere coverage:

• Accounting Today, Ways and Means Chairman Camp Proposes Small Business Tax Reforms
• Bloomberg, Camp Offers Option That Would Revamp Partnership Tax Law 
• Forbes, Tax Reform for Small Business: Ways and Means Pitches Old Ball; Small-Ball and, Big-Ball