Summary: S.1540 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for S.1540. Bill summaries are authored by CRS.

Shown Here:
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.