The House is set to give final approval today to a small business bill backed by the White House, which may represent the biggest accomplishment of this pre-election Congressional session.

First, the plan focuses on small business relief by providing more access to capital.  Along with a $30 billion fund for community banks to spur more loans, there are other tax provisions as well:

Temporary exclusion of 100 percent of gain on certain small business stock
Five-year carryback of general business credit of eligible small business
General business credit of eligible small business not subject to alternative
Temporary reduction in recognition period for S corporation built-in gains tax

Then there are a series of provisions to encourage investment in small businesses.

Increase and expand expensing of certain depreciable business assets
Extend the additional first-year depreciation allowance
Disregard bonus depreciation in computing percentage completion
Increase amount allowed as deduction for start-up expenditures

There are a series of tax provisions for small business as well, which are labeled "Promoting Small Business Fairness."

Limitation on penalty for failure to disclose certain information
Temporary deduction for health insurance costs in computing self-employment income
Remove cellular phones and similar telecommunications equipment from the definition of listed property

As for how money is raised to pay for this bill, Congress tries to squeeze more out of the "Tax Gap," which is the amount of money that the feds estimate is not being paid in taxes by individuals and businesses.

Information reporting for rental property expense payments
Increase in information return penalties
Make crude tall oil ineligible for the cellulosic biofuel producer credit
 
There are also several pension provisions that are under the revenue section:

Allow participants in government section 457 plans to treat elective deferrals as Roth contributions
Allow rollovers from elective deferral plans to Roth designated accounts
* Permit partial annuitization of a nonqualified annuity contract

For an in-depth review of the tax provisions, you can check out this review by the Joint Committee on Taxation at http://is.gd/fnW49 />