Small Business PPE Tax Credit Act

House Bill 7216 - Small Business PPE Tax Credit Act: Overview, Status, and Impact

Hozzl · 2022-02-08T23:16:53Z

Explore the details of House Bill 7216 Small Business PPE Tax Credit Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

2/8/2022, 11:16 PM

Congressional Summary of HR 7216

Small Business PPE Tax Credit Act

This bill allows certain small businesses a tax credit for the cost of qualified personal protective equipment, up to $25,000 in a taxable year. The entities eligible for such credit include farms, nonprofit organizations, veterans organizations, and Tribal business concerns. The bill defines qualified personal protective equipment to include the cost of equipment for reducing the risk of coronavirus (i.e., the virus that causes COVID-19) transmission. including gloves, facial masks and protective gear, and cleaning supplies.

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Current Status of Bill HR 7216

Bill HR 7216 is currently in the status of Bill Introduced since June 15, 2020. Bill HR 7216 was introduced during Congress 116 and was introduced to the House on June 15, 2020. Bill HR 7216's most recent activity was Referred to the House Committee on Ways and Means. as of June 15, 2020

Bipartisan Support of Bill HR 7216

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 7216

Primary Policy Focus

Taxation

Potential Impact Areas

- Business expenses

- Cardiovascular and respiratory health

- Emergency medical services and trauma care

- Food industry and services

- Health technology, devices, supplies

- Income tax credits

- Infectious and parasitic diseases

- Migrant, seasonal, agricultural labor

- Retail and wholesale trades

- Self-employed

- Small business

- Social work, volunteer service, charitable organizations

- Travel and tourism

- Veterans' organizations and recognition

- Worker safety and health

Alternate Title(s) of Bill HR 7216

Small Business PPE Tax Credit Act

To amend the Internal Revenue Code of 1986 to provide a tax credit for personal protective equipment to small businesses, non-profits, independent contractors, veterans' organizations, and farmers, among other entities, in any year in which the President declares a national emergency relating to COVID-19.

Small Business PPE Tax Credit Act