Progress For Women-Owned Businesses
Did you know, women-owned businesses make-up 36% of U.S. firms but only produce 4% of the revenue in the U.S.? That’s why Senator Ron Wyden has introduced the PROGRESS Act. The Act aims to help small businesses owned by women via tax incentives.
One credit in the Act is the First Employee Credit. The credit aims so stimulate business growth by crediting back 25% of reported W-2 wages annually. The annual claim limit would be $10,000 with a lifetime limit of $40,000. Eligible businesses would have to be majority-owned by someone earning $100,000 or less annually.
The other credit is the Investment Credit. This credit aims to get more investments by third parties towards small businesses. Eligible businesses must have at least one full-time employee. Similarly, the majority owner must earn $100,000 or less annually to be eligible for the credit.
Additionally, learn more about the PROGRESS Act from Michael Cohn.
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