Senator Debbie Stabenow (D-MI) Wednesday introduced legislation, the Growing Small Businesses Act, which would provide a tax cut to a small business planning to grow and expand. 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. “My bill provides a tax cut that will make it easier for bakers, brewers, software companies, and other small businesses across Michigan to take that next step to expand their business.”
Since the 1970s, small businesses have created 55 percent of all new jobs but scaling up is one of the most expensive hurdles for a business. Stabenow’s legislation supports businesses that are in the process of getting off the ground, as well as businesses that have started small and want to expand from an incubator or home into their first facility.
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.
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