Public Policy Issues That May Affect Your Business
UPDATE ON H.R. 4213
7/23/2010
RECENT ACTION ON H.R. 4213
Bill: H.R. 4213, the American Jobs and Closing Tax Loopholes Act of 2010. (Go to thomas.loc.gov and type in the bill number HR 4213 to view the bill, summary, and amendments). RENAMED "The Unemployment Compensation Extension Act of 2010."
Sponsor: Rep. Charles B. Rangel (NY)
Summary: Originally entitled "The American Jobs and Closing Tax Loopholes Act of 2010," H.R. 4213 was significantly revised and renamed "The Unemployment Compensation Act of 2010." The revised bill passed in both the House and Senate on July 22, 2010. In this revised version, all sections except the section that extends unemployment benefits were removed from the bill.
The previous version of H.R. 4213 contained Section 413, Employment Tax Treatment of Professional Service Businesses, that would have increased payroll taxes on certain S Corporation professional services businesses, including consulting firms, if 80 percent or more of the gross income of the business is attributable to the service of three or fewer shareholders. This section was removed from the current version and is, therefore, of no further concern at this time.
Recommended Action: No further action is necessary.
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