Title: Small Business Tax Credit
Vote Smart's Synopsis:
Vote to pass a bill that establishes a tax credit for businesses, effective January 1, 2011.
Highlights:
- Establishes a 15 percent tax credit for businesses with no more than $250,000 in gross receipts (Sec. 2).
- Establishes a tax credit equal to 15 percent for businesses with more than $250,000 but less than $500,000 in gross receipts, minus the total of the gross receipts that exceed $250,000 multiplied by 0.00006 percent (Sec. 2).
- Prohibits businesses with more than $500,000 in gross receipts from claiming the tax credit (Sec. 2).
- Prohibits partnerships, limited liability companies, and tax-option corporations from claiming the credit (Sec. 2).
- Defines "gross receipts" as items included in gross income including, but not limited to, the following (Sec. 2):
- Gross sales;
- Gross dividends;
- Gross interest income; and
- Gross rents.