House Ways & Means Committee Chair Dave Camp today released a third tax reform discussion draft focused on small business:

The
discussion draft contains several core components that simplify tax
compliance for small businesses and provide certainty with respect to
the ability of small businesses to recover certain costs immediately. 
These include widely supported reforms such as permanent section 179
expensing and expansion of the “cash accounting” method, amongst other
provisions.  The discussion draft also includes two separate options
designed to achieve greater uniformity between S corporations and
partnerships – one that revises current rules and a second that replaces
current tax rules with a new unified pass-through regime.

• Summary
• Press Release
• Fact Sheet
• Discussion Draft Text
• Technical Explanation

Press and blogosphere coverage:

• Accounting Today, Ways and Means Chairman Camp Proposes Small Business Tax Reforms
• Bloomberg, Camp Offers Option That Would Revamp Partnership Tax Law 
• Forbes, Tax Reform for Small Business: Ways and Means Pitches Old Ball; Small-Ball and, Big-Ball