US SB4637 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on September 22 2020 - 25% progression, died in committee
Action: 2020-09-22 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on September 22 2020 - 25% progression, died in committee
Action: 2020-09-22 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Allows a new business-related tax credit for 25% of equity investments of $25,000 or more in a domestic corporation or partnership that (1) has its headquarters in the United States, (2) has gross revenues for the taxable year of less than $1 million, (3) employs fewer than 25 full-time employees, (4) has been in existence for less than 7 years as of the date of the investment, (5) has more than 50% of its employees performing substantially all of their services in the United States, and (6) is engaged in a high technology trade or business. The bill limits the allowable amount of such credit to $250,000 in any taxable year and imposes an overall limitation on such credit of $500 million for each of calendar years 2020 through 2024.
Title
Angel Tax Credit Act
Sponsors
Sen. Christopher Murphy [D-CT] |
History
Date | Chamber | Action |
---|---|---|
2020-09-22 | Senate | Read twice and referred to the Committee on Finance. |
Subjects
Advanced technology and technological innovations
Business investment and capital
Income tax credits
Small business
Taxation
Business investment and capital
Income tax credits
Small business
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/4637/all-info |
Text | https://www.congress.gov/116/bills/s4637/BILLS-116s4637is.pdf |