GovTrack’s Bill Summary
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H.R. 30: Small Business Investment Enhancement and Tax Relief Act
- Introduced:
- Jan 03, 2013 (113th Congress, 2013–2015)
- Sponsor:
- Rep. Nydia Velázquez [D-NY7]
- Status:
- Referred to Committee
The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.
- Full Title
To amend the Small Business Investment Act of 1958, to provide for a small business early-stage investment program, and for other purposes.
- Summary
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No summaries available.
- Text
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Last updated Jan 03, 2013.
16 pages
- Primary Source
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View on THOMAS (The Library of Congress)
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- Citation
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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.
1/3/2013--Introduced.
Small Business Investment Enhancement and Tax Relief Act - Amends the Small Business Investment Act of 1958 to direct the Administrator of the Small Business Administration (SBA) to establish and carry out an early-stage investment program (program) to provide, through participating investment companies, equity financing to support early-stage businesses (gross annual sales of $15 million or less in any of the previous three years).
Outlines investment company application requirements and selection procedures.
Allows the Administrator to make one or more equity financings to a participating company, with a limit of $100 million to any one company.
Requires the company to make all of their investments in small businesses, of which at least 50% shall be early-stage small businesses.
Establishes in the Treasury a separate fund for equity financings under the program.
Amends the Internal Revenue Code to provide a small business investment tax credit of 20% of the amount paid or incurred for small business investments.
Directs the Secretary of the Treasury to conduct a study of the effectiveness of the tax credit in providing incentives for investment in small businesses.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
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The bill contains the following citations to other parts of U.S. law:
United States Code
The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)
- Title 15: COMMERCE AND TRADE
- Chapter 14B: SMALL BUSINESS INVESTMENT PROGRAM
- Subchapter III: INVESTMENT DIVISION PROGRAMS
- Part A: Small Business Investment Companies
- Section 681: Organization