A bill to direct the Secretary of Commerce to establish a voluntary program under which manufacturers may have products certified as meeting the standards of labels that indicate to consumers the extent to which the products are manufactured in the United States, to amend the Internal Revenue Code of 1986 to allow a credit against income tax for equity investments in small business concerns, to establish small business savings accounts, and for other purposes.
Buy it in America Act - Directs the Secretary of Commerce to establish the America Star Program as a voluntary program under which manufacturers may have products certified as meeting the standards of a label (i.e., America Star label) that indicates to consumers the extent to which such products are manufactured in the United States.
Amends the Internal Revenue Code to: (1) allow a new tax credit (angel investment tax credit) for up to 25% of equity investment in a small business entity that is located in the United States and engages in a qualified high technology trade or business; (2) make permanent the 100% exclusion from gross income of gain from the sale or exchange of qualified small business stock; and (3) establish tax-exempt small business startup savings accounts to make distributions for small business operating capital, the purchase of equipment or facilities, marketing, training, incorporation, and accounting fees.
Referred to the House Committee on Ways and Means.
Read twice and referred to the Committee on Finance.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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