S. 1540 · 115th Congress
Growing Small Businesses Act
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
StabenowSponsor3 cosponsors · 3 D
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Internal Revenue Code to allow a tax credit for investments in a small business's first qualifying production facility.
What it does: CRS summary · Introduced in Senate · Jul 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Growing Small Businesses Act
Latest action (Jul 12, 2017): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jul 12, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.