Amends the Internal Revenue Code to increase from 50% to 100% the exclusion from gross income of the gain from the sale or exchange of qualified small business stock acquired after March 15, 2010, and before January 1, 2012.
Increases the tax deduction for trade or business start-up expenditures from $5,000 to $20,000 in 2010 and 2011.
Revises the definition of "qualified nonrecourse financing" to include qualified nonrecourse real property or Small Business Investment Company financing as amounts at risk for purposes of determining the deductibility of losses from certain investment activities, including farming, leasing, and energy exploration.
Excludes from gross income any amount paid for a borrower under the Small Business Administration (SBA) borrower assistance program.
Revises rules for valuing assets in grantor retained annuity trusts to require that the right to receive fixed amounts from an annuity last for a term of not less than 10 years, that such fixed amounts not decrease during the first 10 years of the annuity term, and that the remainder interest have a value greater than zero when transferred.
U.S. HOUSE OF REPRESENTATIVES,
VICKI COX GOLDER, CRB,
2010 President, National Association