Number: 111- 51
Date: September 29, 2010
The President Signs H.R. 5297, the
“Small Business Jobs Act of 2010”
On September 27, 2010, President Obama signed H.R. 5297, the “Small Business Jobs Act of 2010,” which became Public Law 111-240. On June 17, 2010, the House passed the original version of the bill by a vote of 241-182. The Senate subsequently passed an amended version of the bill on September 16, 2010, by a vote of 61-38. On September 23, 2010, the House passed the Senate Amendment to the bill by a vote of 237-187.
The law includes the following provision of interest to SSA:
- Allows business owners to deduct the cost of health insurance incurred in 2010 for themselves and their family members when calculating their 2010 self-employment tax. Under current law, business owners are not allowed to deduct the cost of health insurance for themselves and their family members when calculating self-employment tax.
The Joint Committee on Taxation estimates that this provision would cost $1.9 billion over 10 years. In addition, it would reduce the amount in the Social Security Trust Fund by $1.6 billion over 10 years.