3.0.0 4175 2023-01-11T13:38:21Z 2023-01-11T13:38:21Z House HR 2017-10-31 115 [Congressional Record Volume 163, Number 176 (Tuesday, October 31, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. SMITH of Missouri:H.R. 4175.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, clause 1 provides Congress with thepower to ``lay and collect Taxes, Duties, Imposts andExcises'' in order to ``provide for the . . . general Welfareof the United States.''[Page H8294]]]> hswm00 Ways and Means Committee House Standing Referred to 2017-10-31T16:02:40Z 2017-10-31 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2017-10-31 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-10-31 Introduced in House IntroReferral 1000 9 Library of Congress S001195 Rep. Smith, Jason [R-MO-8] Jason Smith R MO 8 N S001190 Rep. Schneider, Bradley Scott [D-IL-10] Bradley Schneider D IL Scott 10 2017-10-31 True Taxation Advanced technology and technological innovations Business investment and capital Congressional oversight Government studies and investigations Income tax credits Manufacturing Securities Taxation 00 2017-10-31 Introduced in House 2018-05-23T20:31:51Z Invest in Innovative Small Businesses Act

This bill amends the Internal Revenue Code to allow a new business-related tax credit equal to 25% of the equity investments made by a qualified investor  in a domestic corporation or partnership that:

  • is a small business,
  • has its headquarters in the United States,
  • is engaged in a specified high technology trade or business,
  • has been in existence for less than 5 years,
  • employs fewer than 100 full-time employees,
  • has more than 50% of its employees performing substantially all of their services in the United States, and
  • has certain equity investments designated for the purposes of this bill that do not exceed specified amounts.

The bill limits the allowable amount of such credit to the excess of the sum of regular tax liability, plus the tax under provisions regarding the alternative minimum tax, over the sum of specified tax credits allowed for the year. It also imposes an overall limitation on such credit of $500 million for each of calendar years 2018 through 2022.

]]> Invest in Innovative Small Businesses Act Display Title Invest in Innovative Small Businesses Act Short Titles as Introduced Invest in Innovative Small Businesses Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to allow a credit against income tax for equity investments in small business concerns. Introduced in House 2017-10-31T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr4175ih/xml/BILLS-115hr4175ih.xml 2017-10-31 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.