S. 256 (112th): American Opportunity Act of 2011

Introduced:
Feb 02, 2011 (112th Congress, 2011–2013)
Sponsor:
Sen. Mark Pryor [D-AR]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on February 2, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 02, 2011
Referred to Committee Feb 02, 2011
Cosponsors
2 cosponsors (1R, 1D) (show)
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to amend the Internal Revenue Code of 1986 to allow a credit against income tax for equity investments in small business concerns.

Summary

No summaries available.

Text

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Last updated Feb 02, 2011.
15 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

2/2/2011--Introduced.
American Opportunity Act of 2011 - Amends the Internal Revenue Code to allow a tax credit for 25% of a qualified equity investment in a qualified small business entity.
Defines "qualified small business entity" as a domestic corporation or partnership that:
(1) is a small business headquarted in the United States,
(2) is engaged in a high technology trade or business,
(3) has been in existence for less than five years as of the date of the qualified equity investment, and
(4) employs less than 100 full-time employees, more than 50% of whom perform substantially all of their services in the United States. Limits the dollar amount of such credit to $500 million for each of calendar years 2011 through 2015.
Requires:
(1) the Secretary of the Treasury to prescribe regulations on the allocations of such credit to a small business entity, and
(2) the Comptroller General to audit the investment tax credit program.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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