Growing Small Businesses Act
Latest action · Jul 12, 2017 Read twice and referred to the Committee on Finance.
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.
- IntroducedJul 12, 2017
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Growing Small Businesses Act
This bill amends the Internal Revenue Code to allow a tax credit for investments in a small business's first qualifying production facility.
The credit is equal to 25% of the cost of property for an eligible employer's first qualifying production facility placed in service during the year. The credit applies to employers who: (1) have no more than 50 full-time equivalent employees, and (2) have not previously placed in service a dedicated facility for the production of goods for sale.
A "qualifying production facility" must be used to produce any of the following products:
- tangible personal property,
- computer software,
- films and videotape,
- sound recordings, or
- food and beverages which are prepared by the taxpayer but not primarily for consumption at property owned by the taxpayer.
Qualifying employers may elect to apply up to $250,000 of the credit against payroll taxes.
Cosponsors 3
Members who signed on, in the order they did. Signatures ran from Jul 12, 2017 to Jul 13, 2017, with 2 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MI | Gary C. Peters | Original | Jul 12, 2017 |
| D-OH | Sherrod Brown | Original | Jul 12, 2017 |
| D-MN | Amy Klobuchar | Jul 13, 2017 |
Actions 2
Everything that happened, newest first.
- Jul 12, 2017Introduced in Senate
- Jul 12, 2017Read twice and referred to the Committee on Finance.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jul 12, 2017Introduced in Senate
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.