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Tax Credits for Start-up Investors and First Employee Wages

This Act introduces new tax credits aimed at supporting start-ups and small businesses. Citizens investing in qualifying new enterprises can benefit from a tax credit. Additionally, small businesses hiring their first employees will receive a wage tax credit, potentially leading to more job creation and faster local business growth. These changes will take effect after December 31, 2024.
Key points
Small Business Investor Tax Credit: Individuals investing in qualifying start-ups (via stock, capital interest, or loans) can receive a tax credit of up to 10% of the investment amount, with an annual limit of $10,000 (adjusted for inflation).
Investor Credit Cap: The total lifetime credit limit per single investment is five times the annual limit (approx. $50,000), encouraging long-term support for new businesses.
First Employee Business Wage Credit: Small businesses meeting specific ownership and employment requirements can receive a tax credit equal to 25% of qualified wages, capped at $10,000 annually.
Payroll Tax Option for Wage Credit: Eligible businesses can elect to apply the first employee wage credit directly against their payroll taxes, providing immediate financial relief.
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Additional Information
Print number: 118_S_5144
Sponsor: Sen. Wyden, Ron [D-OR]
Process start date: 2024-09-24
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Providing Real Opportunities for Growth to Rising Entrepreneurs for Sustained Success (PROGRESS) Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_5144.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-09-24.

What are the main provisions?

Key points include:

  • Small Business Investor Tax Credit: Individuals investing in qualifying start-ups (via stock, capital interest, or loans) can receive a tax credit of up to 10% of the investment amount, with an annual limit of $10,000 (adjusted for inflation).
  • Investor Credit Cap: The total lifetime credit limit per single investment is five times the annual limit (approx. $50,000), encouraging long-term support for new businesses.
  • First Employee Business Wage Credit: Small businesses meeting specific ownership and employment requirements can receive a tax credit equal to 25% of qualified wages, capped at $10,000 annually.
  • Payroll Tax Option for Wage Credit: Eligible businesses can elect to apply the first employee wage credit directly against their payroll taxes, providing immediate financial relief.
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 Sen. Wyden, Ron [D-OR].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Taxes Economy Labor