Vote Smart's Synopsis:

Vote to pass a bill that establishes a tax credit for taxpayers who invest in business plans that indicate potential to increase jobs and capital investment.

Highlights:

• Authorizes the following types of investors to claim the tax credit if they meet other requirements (Sec. 1):
• An individual with a net worth or joint net worth over $1 million;
• An individual with an income over $200,000 in each of the 2 most recent years or a joint income over $300,000 in each of the 2 most recent years and with a reasonable expectation of maintaining that income level in the current year; or
• An entity whose equity owners each meet either of the above criteria.

• Establishes a tax credit of 25 percent of the taxpayer's qualified investments made during the taxable year (Sec. 1).

• Authorizes the taxpayer to carry over any excess from the tax credit for a maximum of 7 succeeding taxable years as a credit against the qualified tax liability of the taxpayer for those taxable years (Sec. 1).

• Authorizes the taxpayer to sell or assign part or all of the tax credit if it does not have a qualified tax liability to apply the tax credit against for that taxable year (Sec. 1).

• Specifies that the tax credit will expire on December 31, 2021 (Sec. 1).

Full Bill Text