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Tax Credit for Brick and Mortar Small Businesses

This act introduces a new tax credit for small businesses operating physical locations. It aims to help entrepreneurs reduce state and local sales tax burdens, supporting local businesses and jobs. This can free up funds for businesses to grow or sustain their operations.
Key points
Small businesses with up to $2 million in annual receipts, generating over 50% of revenue from in-person sales, are eligible for the credit.
The credit is 5% of the first $1 million in business gross receipts, potentially lowering their tax obligations.
A public awareness campaign will inform small business owners about this new opportunity.
The provisions apply to tax years beginning after December 31, 2019, and are set to expire at the end of 2026.
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Additional Information
Print number: 117_HR_6428
Sponsor: Rep. Khanna, Ro [D-CA-17]
Process start date: 2022-01-19
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Brick and Mortar Small Business Tax Credit Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_6428.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-01-19.

What are the main provisions?

Key points include:

  • Small businesses with up to $2 million in annual receipts, generating over 50% of revenue from in-person sales, are eligible for the credit.
  • The credit is 5% of the first $1 million in business gross receipts, potentially lowering their tax obligations.
  • A public awareness campaign will inform small business owners about this new opportunity.
  • The provisions apply to tax years beginning after December 31, 2019, and are set to expire at the end of 2026.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Khanna, Ro [D-CA-17].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Economy