H.R.5990 - Rural Microbusiness Investment Credit Act of 2010111th Congress (2009-2010)
|Sponsor:||Rep. Kind, Ron [D-WI-3] (Introduced 07/30/2010)|
|Committees:||House - Ways and Means|
|Latest Action:||07/30/2010 Referred to the House Committee on Ways and Means.|
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Summary: H.R.5990 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (07/30/2010)
Rural Microbusiness Investment Credit Act of 2010 - Amends the Internal Revenue Code to allow a business-related tax credit for 35% of new investment in a rural microbusiness. Imposes limits on such credit for businesses and individual taxpayers.
Defines: (1) "rural microbusiness" as a trade or business that employs not more than 5 full-time employees in a taxable year and is carried on in a distressed rural area; and (2) "distressed rural area" as an area that has lost at least 5% of its population over the last 10 years or 10% of its population over the last 20 years, that has a median family income below 85 % of the national median family income, that has a poverty rate that exceeds 12.5%, or where average unemployment in the preceding year exceeds 125% of the national average.