What is the official ID of this bill?
The official print number for this legislation is HR 2680.
Tax Credits for Start-up Investors and First Employee Wages.
This law introduces two new tax credits designed to boost the creation and growth of small businesses. Individuals who actively participate in a start-up and meet specific income limits can claim a credit for their investments. Additionally, new businesses can receive a credit covering 25% of the wages paid to their first employees, which can be applied directly against payroll taxes to encourage early hiring.
Key points
Investor Credit: Individuals actively involved in a qualifying start-up, meeting income requirements, can receive a tax credit up to 10% of their investment, capped annually at $10,000 (and $50,000 total per investment).
Hiring Incentive: New businesses are eligible for a credit of 25% of qualified first employee wages, up to $10,000 annually, which can be used to offset the employer's payroll taxes.
Eligibility Focus: The investor credit is specifically aimed at "qualified active investors"—those who materially participate in the business and have moderate income levels.
Status:
Expired
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