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Small Business Tax Relief and Investment Management Income Changes.

This act modifies tax rules for small businesses, lowering their corporate tax rates. It also changes how income from investment management services is taxed, potentially affecting the earnings and tax filings of individuals in this sector. The aim is to support small businesses and standardize the taxation of certain income types.
Key points
Reduced corporate tax rate for small businesses with taxable income up to $5 million, with a lower rate for income up to $400,000.
Changes to how investment management gains (carried interest) are taxed, treating them as ordinary income rather than capital gains.
Introduction of penalties for incorrect reporting of investment management income, including an increased penalty of 40% of the underpayment.
Investment management income will be included in self-employment earnings for social security purposes.
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Status:
Expired
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Additional Information
Print number: 117_HR_6763
Sponsor: Rep. Craig, Angie [D-MN-2]
Process start date: 2022-02-18
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Small Business Tax Relief Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_6763.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-02-18.

What are the main provisions?

Key points include:

  • Reduced corporate tax rate for small businesses with taxable income up to $5 million, with a lower rate for income up to $400,000.
  • Changes to how investment management gains (carried interest) are taxed, treating them as ordinary income rather than capital gains.
  • Introduction of penalties for incorrect reporting of investment management income, including an increased penalty of 40% of the underpayment.
  • Investment management income will be included in self-employment earnings for social security purposes.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Craig, Angie [D-MN-2].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Taxes Economy