Providing Real Opportunities for Growth to Rising Entrepreneurs for Sustained Success (PROGRESS) Act
Latest action · Oct 30, 2019 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 30, 2019
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Providing Real Opportunities for Growth to Rising Entrepreneurs for Sustained Success (PROGRESS) Act
This bill provides for a new angel investor tax credit to promote investment in start-up businesses and a first employee tax credit equal to 25% of employee wages, up to $10,000 in a taxable year. An employer may elect to apply the amount of the first employee tax credit to payroll tax liability.
Cosponsors 1
Members who signed on, in the order they did. All signed on Oct 30, 2019.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-OR | Earl Blumenauer | Original | Oct 30, 2019 |
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 30, 2019 |
Actions 2
Everything that happened, newest first.
- Oct 30, 2019Introduced in House
- Oct 30, 2019Referred 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. 165, no. 172, October 30, 2019, page H8679.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 2738 | Providing Real Opportunities for Growth to Rising Entrepreneurs for Sustained Success (PROGRESS) Act | Identical bill | Oct 30, 2019 |
| S 5065 | Economic Justice Act | Related bill | Dec 18, 2020 |
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 provide a tax credit for angel investors in start-up businesses, to provide a credit for wages paid by start-up businesses to their first employees, and for other purposes.
- Short Title(s) as Introduced
- Providing Real Opportunities for Growth to Rising Entrepreneurs for Sustained Success (PROGRESS) Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Oct 30, 2019Introduced 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.
