H.R. 5691 · 111th Congress
To amend the Internal Revenue Code of 1986 to provide a credit for investment in new or expanding small businesses.
- Stage
- In committee
- Sponsor
- Pete Hoekstra
- Introduced
- 2010-07-01
- Latest action
- 2010-07-01 · Introduced in House
Summary
Amends the Internal Revenue Code to allow individual taxpayers a tax credit for 20% of their qualified small business investments. Defines "qualified small business investment" as any stock in a domestic corporation acquired at its original issue or any capital or profits interest in a domestic partnership if: (1) such stock or interest was acquired solely in exchange for cash; and either (2) such corporation or partnership has been in existence less than 2 years as of the date of such acquisition or such corporation or partnership had at least a 10% growth rate for each of the 2 years preceding such acquisition.