Small Business Tax Equity Act of 2023

Hozzl · 2023-12-15T15:56:57Z

Explore the details of House Bill 2643 Small Business Tax Equity Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/15/2023, 3:56 PM

Summary of Bill HR 2643

The Small Business Tax Equity Act of 2023, also known as Bill 118 hr 2643, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to address tax inequities faced by small businesses in the United States.

One key provision of the bill is the establishment of a tax credit for small businesses that provide health insurance to their employees. This credit aims to incentivize small businesses to offer health insurance coverage to their workers, which can help improve employee retention and overall job satisfaction.

Additionally, the Small Business Tax Equity Act of 2023 seeks to simplify the tax code for small businesses by streamlining the process for claiming deductions and credits. This can help reduce the administrative burden on small business owners and make it easier for them to comply with tax laws. Another important aspect of the bill is the expansion of tax credits for small businesses that invest in renewable energy and sustainable practices. This can help small businesses reduce their carbon footprint and contribute to environmental conservation efforts. Overall, the Small Business Tax Equity Act of 2023 aims to level the playing field for small businesses in the US by addressing tax inequities and providing incentives for sustainable business practices. It is currently under review in Congress and may undergo further revisions before being passed into law.

Congressional Summary of HR 2643

Small Business Tax Equity Act of 2023

This bill exempts a trade or business that conducts marijuana sales in compliance with state law from a provision in the Internal Revenue Code that prohibits business-related tax credits or deductions for expenditures in connection with trafficking in controlled substances.

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Current Status of Bill HR 2643

Bill HR 2643 is currently in the status of Bill Introduced since April 17, 2023. Bill HR 2643 was introduced during Congress 118 and was introduced to the House on April 17, 2023. Bill HR 2643's most recent activity was Referred to the House Committee on Ways and Means. as of April 17, 2023

Bipartisan Support of Bill HR 2643

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 2643

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 2643

Small Business Tax Equity Act of 2023

To amend the Internal Revenue Code of 1986 to allow deductions and credits relating to expenditures in connection with marijuana sales conducted in compliance with State law.