S.1540 - Growing Small Businesses Act115th Congress (2017-2018) |
|Sponsor:||Sen. Stabenow, Debbie [D-MI] (Introduced 07/12/2017)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 07/12/2017 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.1540 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (07/12/2017)
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.