To amend the Internal Revenue Code of 1986 to establish a State and local general sales tax credit for small businesses.
12/17/2024, 9:05 AMSummary of Bill HR 10429
Bill 118 hr 10429, also known as the State and Local General Sales Tax Credit for Small Businesses Act, aims to amend the Internal Revenue Code of 1986 to provide a tax credit for small businesses. The bill specifically focuses on establishing a credit for state and local general sales taxes paid by small businesses.The purpose of this legislation is to provide relief to small businesses by allowing them to claim a credit for the sales taxes they pay at the state and local level. This credit is intended to help alleviate the financial burden on small businesses and encourage their growth and success.
The bill outlines the eligibility criteria for small businesses to qualify for this credit, including the size of the business and the amount of sales taxes paid. It also specifies the calculation method for determining the amount of the credit that a small business can claim. Overall, the State and Local General Sales Tax Credit for Small Businesses Act is designed to support small businesses by providing them with a tax credit for the sales taxes they pay. This legislation aims to promote economic growth and prosperity for small businesses across the country.
Current Status of Bill HR 10429
Bill HR 10429 is currently in the status of Bill Introduced since December 16, 2024. Bill HR 10429 was introduced during Congress 118 and was introduced to the House on December 16, 2024. Bill HR 10429's most recent activity was Referred to the House Committee on Ways and Means. as of December 16, 2024Bipartisan Support of Bill HR 10429
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 10429
Primary Policy Focus
Alternate Title(s) of Bill HR 10429
To amend the Internal Revenue Code of 1986 to establish a State and local general sales tax credit for small businesses.To amend the Internal Revenue Code of 1986 to establish a State and local general sales tax credit for small businesses.Comments
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Sponsors and Cosponsors of HR 10429
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