H.R. 4868 · 114th Congress
Rural Main Street Investment Credit Act of 2016
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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This bill amends the Internal Revenue Code to allow a business-related tax credit for 35% of new investment in a rural microbusiness. There is a limit on such credit, for any rural microbusiness or any taxpayer, of $10,000 in a taxable year reduced by the amount allowed as a credit for all preceding taxable years.
What it does: CRS summary · Introduced in House · Mar 23, 2016
Rural Main Street Investment Credit Act of 2016
This bill amends the Internal Revenue Code to allow a business-related tax credit for 35% of new investment in a rural microbusiness. There is a limit on such credit, for any rural microbusiness or any taxpayer, of $10,000 in a taxable year reduced by the amount allowed as a credit for all preceding taxable years.
A "rural microbusiness" is a trade or business that employs not more than five full-time employees in a taxable year and that is carried on, and physically located, in a distressed rural area. A "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 120% of the national average.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Rural Main Street Investment Credit Act of 2016
Latest action (Mar 23, 2016): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Mar 23, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.