U.S. Senator Debbie Stabenow introduced the Growing Small Businesses Act yesterday. The bill provides a 25 percent tax credit for the cost of buildings and equipment for a business’s first commercial production facility. “During my small business tour, I have met so many talented entrepreneurs who are working hard every day to grow their businesses and create jobs,” said Senator Stabenow.
Since the 1970s, small businesses have created 55 percent of all new jobs. Some examples of businesses that would qualify for the tax credit in the Growing Small Businesses Act include food and beverage companies, software companies, film and sound production studios, and manufacturers. If the business does not owe income taxes, the tax credit would be refundable against a business’s payroll taxes up to $250,000.