Political Quotes

“I ask unanimous consent that the bill be read three times, passed, the motion to reconsider be laid upon the table, and that any statements relating to this matter be printed in the Record. The PRESIDING OFFICER. Without objection, it is so ordered. The bill (S. 2917) was ordered to be engrossed for a third reading, was read the third time, and passed, as follows: S. 2917 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Small Business Penalty Fairness Act of 2009''. SEC. 2. LIMITATION ON PENALTY FOR FAILURE TO DISCLOSE REPORTABLE TRANSACTIONS BASED ON RESULTING TAX BENEFITS. (a) In General.--Subsection (b) of section 6707A of the Internal Revenue Code of 1986 is amended to read as follows: ``(b) Amount of Penalty.-- ``(1) In general.--Except as otherwise provided in this subsection, the amount of the penalty under subsection (a) with respect to any reportable transaction shall be 75 percent of the decrease in tax shown on the return as a result of such transaction (or which would have resulted from such transaction if such transaction were respected for Federal tax purposes).…”