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Small Business PPE Tax Credit Act
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.
Read the Full Bill
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
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
43Democrat Cosponsors
35Republican Cosponsors
8Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 7216
Primary Policy Focus
TaxationPotential 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
Comments
Sponsors and Cosponsors of HR 7216
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