Growing Small Businesses Act

Summary

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.

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Timeline

1. 12 July 2017

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 12 July 2017

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 12 July 2017 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 12 July 2017

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 12 July 2017

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 12 July 2017

  Open at official source

Sponsors

• Sen. Stabenow, Debbie [D-MI] · D · Sponsor
• Sen. Brown, Sherrod [D-OH] · D · Sponsor
• Gary Peters · D · Sponsor
• Amy Klobuchar · D · Cosponsor
• · ssfi00 · Standing

Related records

No cross-record relationships stored yet.