Small Business Jobs Act

Small Business Jobs Act

This bill provides tax incentives for investment in small businesses. Among other provisions, the bill

• increases from $600 to $5,000 (adjusted annually for inflation) the general reporting threshold for services performed by an independent contractor or subcontractor,
• restores reporting requirements for third party network transactions,
• modifies the exclusion of gain from the sale of qualified small business stock,
• increases the ceiling for expensing of depreciable business assets,
• establishes rural opportunity zones, and
• reinstates reporting requirements for qualified opportunity zones and applies such requirements to qualified rural opportunity zones.