S. 156Senate111th Congress (2009-2011)In Committee

Small Business Stimulus Act of 2009

A bill to amend the Internal Revenue Code of 1986 to extend enhanced small business expensing and to provide for a 5-year net operating loss carryback for losses incurred in 2008 or 2009.

Introduced January 6, 2009

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S139)

January 6, 2009

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SenateIntro Referral

Introduced in Senate

January 6, 2009

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S138-139)

January 6, 2009

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S139)

January 6, 2009

Floor Debate

13 members

What members said about S. 156 on the floor

4 Republicans9 Democrats
Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Jan 6, 2009

Mr. President, I am pleased to join Senators Schumer, Snowe, and Boxer in introducing legislation to prohibit the selling and counterfeiting of tickets to the Presidential inaugural ceremony. The…

Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · Jan 6, 2009

Mr. President, today I introduce the Clinical Social Workers' Recognition Act to correct a continuing problem in the Federal Employees Compensation Act. This bill will also provide clinical social…

John McCain
Sen. John McCainR-AZ · Jan 6, 2009

Mr. President, I am pleased to be joined by Senator Ensign in introducing the Abolishing Aviation Barriers Act of 2009. This bill would remove the arbitrary restrictions that prevent Americans from…

Herb Kohl
Sen. Herb KohlD-WI · Jan 6, 2009

Mr. President, I rise today to introduce the Generics First Act. This legislation requires the Federal Government's Medicare Part D prescription drug program to use generic drugs whenever available,…

Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Jan 6, 2009

Mr. Presdient, as we begin the 111th Congress, we will try, once again, to enact comprehensive immigration reforms that have eluded us in the past several years. With an administration that…

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John F. Kerry
Sen. John F. KerryD-MA · Jan 6, 2009

Mr. President, it is my great hope that Congress will move this year to see that the successful, bipartisan State Children's Health Insurance Program, SCHIP, is allowed the opportunity to fulfill its…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Jan 6, 2009

Mr. President, I rise today to reintroduce a bill I offered last December that will provide much-needed relief to struggling families across America. The Unemployment Benefit Tax Suspension Act of…

Joseph I. Lieberman
Sen. Joseph I. LiebermanD-CT · Jan 6, 2009

Mr. President, I am honored to have the opportunity today, obviously early on this first day of this new session of Congress, together with my colleague from Utah, Senator Hatch, to introduce…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Jan 6, 2009

Mr. President, as the 111th Congress begins, the most important item on our agenda is to help end the worst economic crisis America has faced since the Great Depression. I look forward to working…

Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Jan 6, 2009

Mr. President, I would like to thank the senior Senator from Wisconsin for his hard work to address antitrust issues in the rail industry along with other industries as Chairman of the Antitrust,…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · Jan 6, 2009

Mr. President, as I did in the last Congress, I am cosponsoring the legislation introduced today by the Senator from Connecticut to provide a House seat for the District of Columbia and an additional…

Kay Bailey Hutchison
Sen. Kay Bailey HutchisonR-TX · Jan 6, 2009

Mr. President, I am pleased to introduce a bill to permanently correct an injustice in the tax code that has harmed citizens in many States of this great Nation. State and local governments have…

Harry Reid
Sen. Harry ReidD-NV · Jan 6, 2009

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record. Mr. President, I ask unanimous consent that the text of the joint resolution be printed in the Record.

Bill Text

Latest available legislative text

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Introduced in SenateIssued January 6, 2009

II

111th CONGRESS

1st Session

S. 156

IN THE SENATE OF THE UNITED STATES

January 6, 2009

Ms. Snowe (for herself, Mr. Kerry, and Ms. Landrieu) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to extend enhanced small business expensing and to provide for a 5-year net operating loss carryback for losses incurred in 2008 or 2009.

1.

Short title

This Act may be cited as the Small Business Stimulus Act of 2009.

2.

Extension of increased expensing for small businesses

(a)

In general

Paragraph (7) of section 179(b) of the Internal Revenue Code of 1986 is amended—

(1)

by striking 2008 and inserting 2008, 2009, or 2010, and

(2)

by striking 2008 in the heading thereof and inserting 2008, 2009, or 2010.

(b)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2008.

3.

5-year carryback of net operating losses

(a)

In general

Subparagraph (H) of section 172(b)(1) of the Internal Revenue Code of 1986 is amended to read as follows:

(H)

Carryback for 2008 and 2009 net operating losses

In the case of a net operating loss for any taxable year ending during 2008 or 2009—

(i)

subparagraph (A)(i) shall be applied by substituting 5 for 2,

(ii)

subparagraph (E)(ii) shall be applied by substituting 4 for 2, and

(iii)

subparagraph (F) shall not apply.

.

(b)

Alternative tax net operating loss deduction

Subclause (I) of section 56(d)(1)(A)(ii) of the Internal Revenue Code of 1986 is amended to read as follows:

(I)

the amount of such deduction attributable to the sum of carrybacks of net operating losses from taxable years ending during 2001, 2002, 2008, or 2009 and carryovers of net operating losses to taxable years ending during such calendar years, or

.

(c)

Effective date

(1)

In general

Except as provided in paragraph (2), the amendments made by this section shall apply to net operating losses arising in taxable years ending after December 31, 2007.

(2)

Alternative tax net operating loss deduction

The amendments made by subsection (b) shall apply to taxable years ending after 1997.