House Small Business Committee Introduces Tax Legislation

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House Small Business Committee Introduces Tax Legislation

The NASE enthusiastically supports new legislation proposed by the leaders of the House Small Business Committee leadership earlier in September. H.R. 3717, Small Business Owners’ Tax Simplification Act of 2017, legislation was drafted in close consultation with
the NASE, and we are incredibly appreciative of the inclusion of many key priorities we advocated for being included in the final legislation. 

The bill provides for the following:
1. Moving forward, quarterly payments will align with calendar quarters;
2. 1099-MISC threshold for filing increased to $1,500; 
3. Elimination of transaction threshold for 1099-K;
4. Directs the Secretary of the Treasury to establish uniform standards and procedures for accepting digital or electronic signatures
with respect to the disclosure of taxpayer’s returns or return information;
5. Excluding from Self-Employment Income Net Earnings Less Than Amount Required for Social Security Quarters of Coverage.

We applaud the hard work of Chairman Steve Chabot (R-OH) and Ranking Member Nydia Velázquez (D-NY) on this bi-partisan, small business focused legislation. We believe passage of this legislation will alleviate significant burden placed on the self-employed and
will provide direct tax relief for millions of small businesses.

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