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Providing Real Opportunities for Growth to Rising Entrepreneurs for Sustained Success (PROGRESS) Act
10/9/2024, 1:53 AM
Summary of Bill HR 9781
Key provisions of the PROGRESS Act include:
1. Establishing a grant program to provide funding for small businesses and startups, particularly those owned by women, minorities, and veterans. This funding can be used for a variety of purposes, such as research and development, marketing, and expansion. 2. Creating a mentorship program that pairs experienced entrepreneurs with new business owners to provide guidance and support. This program aims to help entrepreneurs navigate the challenges of starting and growing a business. 3. Offering training and educational resources to help entrepreneurs develop the skills and knowledge needed to succeed in the competitive business world. This includes workshops, seminars, and online courses on topics such as finance, marketing, and business management. 4. Encouraging collaboration and networking among entrepreneurs by hosting events, conferences, and networking opportunities. This allows entrepreneurs to connect with potential partners, investors, and customers to help grow their businesses. Overall, the PROGRESS Act seeks to empower rising entrepreneurs with the tools and resources they need to thrive in the business world. By providing support, funding, mentorship, and education, the bill aims to foster a culture of innovation and entrepreneurship that will drive economic growth and create opportunities for all Americans.
Congressional Summary of HR 9781
Providing Real Opportunities for Growth to Rising Entrepreneurs for Sustained Success (PROGRESS) Act
This bill provides a new small business investor tax credit for investments made into a small business (typically a start-up), subject to single year and lifetime limits. The bill also provides a first employee business wage tax credit for wages paid or incurred by a small business, subject to single year and lifetime limits.
Under the bill, an investor may claim as part of the general business tax credit up to 50% of the amount of a loan or purchase of stock in a small business, limited to $10,000 in a single year and $50,000 in total.
The bill also allows a small business owner to claim as part of the general business tax credit up to 25% of employee wages, limited to $10,000 in a single year and $40,000 in total. The employee wage business tax credit may be claimed against the business’s income or, if elected, against the business’s payroll taxes.
For purposes of both business tax credits, a small business is a business that has at least one full-time employee (or the equivalent) and is owned by a resident or citizen of the United States who has an average taxable income for the three prior tax years of $100,000 or less (or $200,000 if filing a joint return or as head of household).
