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Gross Income

All income from whatever source derived, unless specifically excluded by law. This is the starting point for calculating a person's or business's taxable income.

Overpayment of Tax

When a taxpayer pays more money to the government for taxes than they actually owe, resulting in a refund due from the tax agency.

Internal Revenue Code of 1986

The official compilation of all federal tax laws of the United States.

Eligible Small Business

For the purpose of this bill, this refers to a business that, as defined in section 44(b)(1) of the Internal Revenue Code, has fewer than 25 full-time equivalent employees and pays average annual wages below a certain threshold (currently around $50,000, adjusted for inflation).

Taxable Years

The accounting period (usually 12 months, often a calendar year for individuals or a fiscal year for businesses) for which a taxpayer calculates their income tax liability.