What is the official ID of this bill?
The official print number for this legislation is S 1256.
PROGRESS Act: Tax Credits for Investors and First Employees
This Act amends the Internal Revenue Code of 1986 to provide tax credits for qualified active investors in qualifying business entities and a credit for wages paid by such entities to employees. The legislation defines dollar limits, investor income requirements, and business eligibility criteria.
Key points
Investors in qualifying business entities may receive a tax credit equal to the lesser of 10% of the qualified investment or a formula-based amount, subject to an annual limit of $10,000 (indexed for inflation).
Qualifying business entities may claim a tax credit equal to 25% of qualified wages paid to employees, subject to an annual limit of $10,000 (indexed for inflation).
The investor credit is available to "qualified active investors," defined as U.S. citizens or residents who materially participate in the business and meet specific income requirements.
To qualify, businesses must meet specific requirements regarding ownership by qualified active investors and the payment of W-2 wages to full-time employees.
Status:
Expired
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