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.
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).