HR 9781
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 small businesses and their early employees by providing two new tax credits. First, it establishes a small business investor tax credit, allowing investors to claim a percentage of loans or stock purchases in qualifying businesses, up to $10,000 annually. Second, it introduces a first employee business wage tax credit, offering a 25% credit for wages paid to a small business's initial employees, capped at $10,000 annually. Both credits have limitations based on the size of the investment and the business’s size and employee count, and require a certification from the business.
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Primary sponsor
Cosponsors
Earl Blumenauer
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