The Small Business Job Protection Act of 1996 (Pub. L.Tooltip Public Law (United States) 104–188 (text) (PDF), H.R. 3448, 110 Stat. 1755, enacted August 20, 1996) is a United States federal law. It was sponsored by Rep. Bill Archer (R-TX) and it was signed into law by President Bill Clinton.[1][2]
The stated intent of the bill is:
"To provide tax relief for small businesses, to protect jobs, to create opportunities, to increase the take home pay of workers, to amend the Portal-to-Portal Act of 1947 relating to the payment of wages to employees who use employer owned vehicles, and to amend the Fair Labor Standards Act of 1938 to increase the minimum wage rate and to prevent job loss by providing flexibility to employers in complying with minimum wage and overtime requirements under that Act."
IEPA eliminated some unclear language in MEPA about cultural considerations in the foster care and adoption processes.[3][4][5][6] IEPA's primary purpose was to eliminate racial discrimination during federally-funded foster care and adoption placements so that children will not be delayed or denied placement based on their race, color, or national origin.[3][4][5][6] The protection against discrimination also extends to foster and adoptive parents.[4][5] IEPA established financial penalties for states that do not comply with these provisions.[3][4][5][6] IEPA also reiterated MEPA's requirement that agencies need to recruit more racially diverse foster and adoptive parents to reflect the diverse children in need of placements.[4][5][6]
Capital expenseedit
The maximum amount claimed for capital expenses allowed by small businesses was increased by $7,000. The full amount was phased in over time.
Education tax incentiveedit
Small businesses were allowed to exclude as much as $5,250 from an employee's taxable income for educational assistance provided by the employer until May 1997.
Minimum wageedit
The Act increased minimum wage in two steps, from $4.25 per hour to $4.75 effective October 1, 1996, then to $5.15 on September 1, 1997.
Research Tax Creditedit
The research Tax Credit had expired on July 1, 1995. It extended the credit through May 1997 but was not retroactive.
Sections 1301-1317 dealt specifically with rules governing S Corporations. Effective January 1, 1998, Section 1316 of the Act permitted certain tax exempt organizations to be shareholders in an S corporation.
Referencesedit
^Peters, Gerhard; Woolley, John T. "William J. Clinton: "Remarks on Signing the Small Business Job Protection Act of 1996," August 20, 1996". The American Presidency Project. University of California - Santa Barbara.
^Peters, Gerhard; Woolley, John T. "William J. Clinton: "Statement on Signing the Small Business Job Protection Act of 1996," August 20, 1996". The American Presidency Project. University of California - Santa Barbara.
^ abcdeMcCarthy, J., Marshall, A., Collins, J., Arganza, G., Deserly, K., & Milon, J. (2003). Relevant Federal Laws/Policies. In A Family’s Guide to the Child Welfare System (pp. 111-116). Retrieved from (PDF). Archived from the original (PDF) on 2011-07-26. Retrieved 2013-11-30.{{cite web}}: CS1 maint: archived copy as title (link)
^Ferst, Joseph L.; Miyashiro, Milton K. (1999). "Federal Income Taxation of REMICs and CMBS". The Handbook of Mortgage Backed Securities (2nd ed.). Fabozzi and Jacob. p. 441.
^Niskanen, William A. (2007). After Enron: Lessons for Public Policy. Rowman & Littlefield. pp. 306–307. ISBN978-0-7425-4434-5.
^Report of Investigation of Enron Corporation and Related Entities Regarding Federal Tax and Compensation Issues, and Policy Recommendations(PDF), United States Congress Joint Committee on Taxation, February 2003, p. 33
External linksedit
Full text of Act
Presidential statement
January 01, 1970
small, business, protection, 1996, tooltip, public, united, states, text, 3448, stat, 1755, enacted, august, 1996, united, states, federal, sponsored, bill, archer, signed, into, president, bill, clinton, stated, intent, bill, provide, relief, small, businesse. The Small Business Job Protection Act of 1996 Pub L Tooltip Public Law United States 104 188 text PDF H R 3448 110 Stat 1755 enacted August 20 1996 is a United States federal law It was sponsored by Rep Bill Archer R TX and it was signed into law by President Bill Clinton 1 2 The stated intent of the bill is To provide tax relief for small businesses to protect jobs to create opportunities to increase the take home pay of workers to amend the Portal to Portal Act of 1947 relating to the payment of wages to employees who use employer owned vehicles and to amend the Fair Labor Standards Act of 1938 to increase the minimum wage rate and to prevent job loss by providing flexibility to employers in complying with minimum wage and overtime requirements under that Act Contents 1 Effects 1 1 401 k 1 2 Adoption 1 3 Capital expense 1 4 Education tax incentive 1 5 Minimum wage 1 6 Research Tax Credit 1 7 Work Opportunity Tax Credit 1 8 FASITs 1 9 S Corporation Shareholders 2 References 3 External linksEffects edit401 k edit The Act created a simplified 401 k retirement plan to make it easier for small businesses to offer pension plans to their employees Adoption edit A nonrefundable tax credit of up to 5 000 per child for adoption expenses and 6 000 for children with special needs was established Entitled Removal of Barriers to Interethnic Adoption the portion is known as the Interethnic Placement Act or IEPA 3 4 5 Its amendments strengthened and clarified the Multi Ethnic Placement Act of 1994 also known as MEPA 3 4 5 IEPA eliminated some unclear language in MEPA about cultural considerations in the foster care and adoption processes 3 4 5 6 IEPA s primary purpose was to eliminate racial discrimination during federally funded foster care and adoption placements so that children will not be delayed or denied placement based on their race color or national origin 3 4 5 6 The protection against discrimination also extends to foster and adoptive parents 4 5 IEPA established financial penalties for states that do not comply with these provisions 3 4 5 6 IEPA also reiterated MEPA s requirement that agencies need to recruit more racially diverse foster and adoptive parents to reflect the diverse children in need of placements 4 5 6 Capital expense edit The maximum amount claimed for capital expenses allowed by small businesses was increased by 7 000 The full amount was phased in over time Education tax incentive edit Small businesses were allowed to exclude as much as 5 250 from an employee s taxable income for educational assistance provided by the employer until May 1997 Minimum wage edit The Act increased minimum wage in two steps from 4 25 per hour to 4 75 effective October 1 1996 then to 5 15 on September 1 1997 Research Tax Credit edit The research Tax Credit had expired on July 1 1995 It extended the credit through May 1997 but was not retroactive Work Opportunity Tax Credit edit The Targeted Jobs Tax Credit was replaced with the Work opportunity tax credit FASITs edit Section 1621 created the financial asset securitization investment trust FASIT a type of special purpose entity used for securitization of any debt and issuance of asset backed securities 7 In the Enron scandal Enron used FASITs to avoid Subpart F rules on foreign income 8 and because of their inherent abuse potential 9 were repealed under section 835 of the American Jobs Creation Act of 2004 S Corporation Shareholders edit Sections 1301 1317 dealt specifically with rules governing S Corporations Effective January 1 1998 Section 1316 of the Act permitted certain tax exempt organizations to be shareholders in an S corporation References edit Peters Gerhard Woolley John T William J Clinton Remarks on Signing the Small Business Job Protection Act of 1996 August 20 1996 The American Presidency Project University of California Santa Barbara Peters Gerhard Woolley John T William J Clinton Statement on Signing the Small Business Job Protection Act of 1996 August 20 1996 The American Presidency Project University of California Santa Barbara a b c d e McCarthy J Marshall A Collins J Arganza G Deserly K amp Milon J 2003 Relevant Federal Laws Policies In A Family s Guide to the Child Welfare System pp 111 116 Retrieved from Archived copy PDF Archived from the original PDF on 2011 07 26 Retrieved 2013 11 30 a href Template Cite web html title Template Cite web cite web a CS1 maint archived copy as title link a b c d e f g Removal of Barriers to Interethnic Adoption Law amp Legal Definition n d USLegal com Retrieved from http definitions uslegal com r removal of barriers to interethnic adoption 20 a b c d e f g The Interethnic Provisions of 1996 P L 104 188 n d In Major Federal Legislation Index and Search Administration for Children amp Families Retrieved from https www childwelfare gov systemwide laws policies federal index cfm event federalLegislation viewLegis amp id 47 a b c d Removal of Barriers to Interethnic Adoption Pub L 104 188 Small Business Job Protection Act of 1996 1808 Retrieved from http www gpo gov fdsys pkg PLAW 104publ188 pdf PLAW 104publ188 pdf Ferst Joseph L Miyashiro Milton K 1999 Federal Income Taxation of REMICs and CMBS The Handbook of Mortgage Backed Securities 2nd ed Fabozzi and Jacob p 441 Niskanen William A 2007 After Enron Lessons for Public Policy Rowman amp Littlefield pp 306 307 ISBN 978 0 7425 4434 5 Report of Investigation of Enron Corporation and Related Entities Regarding Federal Tax and Compensation Issues and Policy Recommendations PDF United States Congress Joint Committee on Taxation February 2003 p 33External links editFull text of Act Presidential statement Retrieved from https en wikipedia org w index php title Small Business Job Protection Act of 1996 amp oldid 1173277555, wikipedia, wiki, book, books, library,
