Small Business Growth Act

Hozzl · 2024-01-24T15:15:16Z

Explore the details of House Bill 3661 Small Business Growth Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/24/2024, 3:15 PM

Summary of Bill HR 3661

Bill 118 hr 3661, also known as the Small Business Growth Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to support and promote the growth of small businesses in the United States.

One key provision of the Small Business Growth Act is the establishment of a grant program to provide funding to small businesses for research and development projects. This funding would help small businesses innovate and develop new products and services, ultimately helping them to grow and compete in the marketplace.

Additionally, the bill includes measures to streamline regulations and reduce red tape for small businesses. This would make it easier for small businesses to navigate the regulatory environment and focus on growing their businesses. The Small Business Growth Act also aims to increase access to capital for small businesses by expanding loan programs and providing incentives for lenders to work with small businesses. This would help small businesses secure the funding they need to expand and create jobs. Overall, the Small Business Growth Act is designed to support the growth and success of small businesses in the United States. By providing funding for research and development, streamlining regulations, and increasing access to capital, this bill aims to create a more favorable environment for small businesses to thrive and contribute to the economy.

Congressional Summary of HR 3661

Small Business Growth Act

This bill increases from $1 million to $2 million to the limitation on expensing of depreciable business assets. It also increases the asset threshold amount used to reduce the expensing limitation.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill HR 3661

Bill HR 3661 is currently in the status of Bill Introduced since May 25, 2023. Bill HR 3661 was introduced during Congress 118 and was introduced to the House on May 25, 2023. Bill HR 3661's most recent activity was Referred to the House Committee on Ways and Means. as of May 25, 2023

Bipartisan Support of Bill HR 3661

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 3661

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 3661

Small Business Growth ActSmall Business Growth ActTo amend the Internal Revenue Code of 1986 to increase the limitations on expensing of depreciable business assets.

Start holding our government accountable!