3.0.0 1540 2023-01-11T13:37:07Z 2023-01-11T13:37:07Z Senate S 2017-07-12 115 ssfi00 Finance Committee Senate Standing Referred to 2017-07-12T19:57:03Z 2017-07-12 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-07-12 Introduced in Senate IntroReferral 10000 9 Library of Congress S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI N B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2017-07-12 True P000595 Sen. Peters, Gary C. [D-MI] Gary Peters D MI 2017-07-12 True K000367 Sen. Klobuchar, Amy [D-MN] Amy Klobuchar D MN 2017-07-13 False Taxation Computers and information technology Food supply, safety, and labeling Income tax credits Manufacturing Small business Sound recording Television and film Taxation 00 2017-07-12 Introduced in Senate 2017-12-15T19:46:50Z 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.

]]> Growing Small Businesses Act Display Title Growing Small Businesses Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to allow a credit against tax for investments in qualified production facilities. Introduced in Senate IS Short Titles as Introduced Growing Small Businesses Act Introduced in Senate 2017-07-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s1540is/xml/BILLS-115s1540is.xml 2017-07-12 Read twice and referred to the Committee on Finance. 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.