Invest in Innovative Small Businesses Act
Latest action · Oct 31, 2017 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedOct 31, 2017
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Invest in Innovative Small Businesses Act
This bill amends the Internal Revenue Code to allow a new business-related tax credit equal to 25% of the equity investments made by a qualified investor in a domestic corporation or partnership that:
- is a small business,
- has its headquarters in the United States,
- is engaged in a specified high technology trade or business,
- has been in existence for less than 5 years,
- employs fewer than 100 full-time employees,
- has more than 50% of its employees performing substantially all of their services in the United States, and
- has certain equity investments designated for the purposes of this bill that do not exceed specified amounts.
The bill limits the allowable amount of such credit to the excess of the sum of regular tax liability, plus the tax under provisions regarding the alternative minimum tax, over the sum of specified tax credits allowed for the year. It also imposes an overall limitation on such credit of $500 million for each of calendar years 2018 through 2022.
Cosponsors 1
Members who signed on, in the order they did. All signed on Oct 31, 2017.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-IL | Bradley Scott Schneider | Original | Oct 31, 2017 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Oct 31, 2017 |
Actions 2
Everything that happened, newest first.
- Oct 31, 2017Introduced in House
- Oct 31, 2017Referred to the House Committee on Ways and Means.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 163, no. 176, October 31, 2017, page H8294.
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to allow a credit against income tax for equity investments in small business concerns.
- Short Titles as Introduced
- Invest in Innovative Small Businesses Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Oct 31, 2017Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
