To amend the Internal Revenue Code of 1986 to establish a State and local general sales tax credit for small businesses.

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.