HR 2680
Providing Real Opportunities for Growth to Rising Entrepreneurs for Sustained Success (PROGRESS) Act
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The PROGRESS Act aims to support startups and small businesses by creating two new tax credits. First, it establishes a Small Business Investor Tax Credit, allowing investors to deduct 10% of their qualified investments in qualifying businesses, up to a maximum of $10,000 per year. Second, it introduces a First Employee Business Wage Credit, providing a 25% tax credit for startups on their first employees' wages, up to $10,000 annually. Employers can choose to apply this credit against payroll tax liability. The bill also includes provisions to adjust these credits for inflation and clarifies rules regarding loan interest rates and qualified investments.
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Cosponsor
Earl Blumenauer
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