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Started By
Message
Tax incentives for female and colored people owned businesses.
Posted on 4/21/21 at 6:59 am
Posted on 4/21/21 at 6:59 am
If you own a business, it may make sense to give your wife 51% ownership. There's money to be made.
A group of Senate Democrats introduced legislation Tuesday to give small businesses owned by women and people of color greater access to capital through tax incentives.
One of the tax credits in the bill, the First Employee Credit, would provide a credit equal to 25 percent of W-2 wages reported that could be claimed annually, up to $10,000 in a single tax year, with a lifetime limit of $40,000. The tax credit would be creditable against a business’s payroll tax liability because many businesses don’t turn a profit in their early years. Some businesses that haven’t reported full-time equivalent W-2 wages in a previous year would be eligible for the credit. The eligible businesses would have to be majority owned by U.S. individuals who each earn $100,000 or less per year (or $200,000 in the case of joint filers).
The other new tax credit in the bill, the Investor Credit, aims to encourage third-party capital investment in small businesses. The credit would be for up to 50 percent of a qualified debt or equity investment could be claimed, up to $10,000 in a single tax year, with a lifetime limit of $50,000. Investors who fund some of the businesses could use the tax credit to boost their rate of return. Eligible businesses would need to have at least one full-time equivalent employee and be majority owned by U.S. individuals who each earn $100,000 or less per year (or $200,000 in the case of joint filers).
LINK
A group of Senate Democrats introduced legislation Tuesday to give small businesses owned by women and people of color greater access to capital through tax incentives.
One of the tax credits in the bill, the First Employee Credit, would provide a credit equal to 25 percent of W-2 wages reported that could be claimed annually, up to $10,000 in a single tax year, with a lifetime limit of $40,000. The tax credit would be creditable against a business’s payroll tax liability because many businesses don’t turn a profit in their early years. Some businesses that haven’t reported full-time equivalent W-2 wages in a previous year would be eligible for the credit. The eligible businesses would have to be majority owned by U.S. individuals who each earn $100,000 or less per year (or $200,000 in the case of joint filers).
The other new tax credit in the bill, the Investor Credit, aims to encourage third-party capital investment in small businesses. The credit would be for up to 50 percent of a qualified debt or equity investment could be claimed, up to $10,000 in a single tax year, with a lifetime limit of $50,000. Investors who fund some of the businesses could use the tax credit to boost their rate of return. Eligible businesses would need to have at least one full-time equivalent employee and be majority owned by U.S. individuals who each earn $100,000 or less per year (or $200,000 in the case of joint filers).
LINK
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Posted on 4/21/21 at 7:03 am to Rex Feral
Just claim to be a woman. Women, in a legal sense, no longer exist. I’m Female is a declaration that anyone can make and must be taken seriously.
Posted on 4/21/21 at 7:03 am to Rex Feral
quote:
A group of Senate Democrats introduced legislation Tuesday to give small businesses owned by women and people of color greater access to capital through tax incentives.
So democrats are admitting that tax cuts spur economic growth?
Posted on 4/21/21 at 7:05 am to Rex Feral
I started my bidness, not her.
frick'n clown world for a White Man now a days.
frick'n clown world for a White Man now a days.
Posted on 4/21/21 at 7:15 am to Rex Feral
quote:
If you own a business, it may make sense to give your wife 51% ownership. There's money to be made.
DBEs have done this for a while at state and local contracting levels. I have a number of clients who are 51% owned by the wife, and the wife is basically a glorified receptionist.
The best is a painting company I have, and I don't think the wife has EVER held a paint brush...
Posted on 4/21/21 at 7:18 am to Rex Feral
Welcome to the 1980s. This has been going on in the government grant industry and government contract set aside industry for years. If you’re a black female disabled vet and you’re not a multi millionaire by now, you’re doing something wrong. TONS of "silent 51% partners" all over the United States.
This post was edited on 4/21/21 at 7:58 am
Posted on 4/21/21 at 7:21 am to Rex Feral
Easy: Identify as a person of color or as a female and viola!
Posted on 4/21/21 at 7:23 am to FATBOY TIGER
quote:
frick'n clown world for a White Man now a days.
They pushing us . They want Lloyd Austin and company to thin us out
Posted on 4/21/21 at 7:27 am to MMauler
quote:Yep. It’s a way for some to get paid, too. There was a lady in Harris county that “owned” several handfuls of businesses that contracted with the city/county. Collected a “salary” from each one. Did nothing other than sign the paperwork.
Welcome to the 1980s.
Posted on 4/21/21 at 7:33 am to Rex Feral
This started in the oil industry many years ago. Shell Oil would give contracts to WOB or Minority owned businesses. Rigdon propping up Jackson Marine is a prime example.
Posted on 4/21/21 at 8:01 am to Taxing Authority
quote:
Yep. It’s a way for some to get paid, too. There was a lady in Harris county that “owned” several handfuls of businesses that contracted with the city/county. Collected a “salary” from each one. Did nothing other than sign the paperwork.
What's truly f*cking amazing is that there are so many people who don't have a f*cking clue that this whole SHAM COTTAGE INDUSTRY has been going on FOR YEARS.
People, blacks in particular, have been made into multi millionaires for doing NOTHING other than lending their color/gender to white dudes to SCAM an all-too-willing government wanting to be SCAMMED.
The government gets white contractors that can actually do the job and then they get to pat themselves on the back and tell the Dim constituency how many black and female owned companies they've "helped" through their government set-aside projects.
This post was edited on 4/21/21 at 8:04 am
Posted on 4/21/21 at 8:05 am to Rex Feral
Can you just identify as female?
Posted on 4/21/21 at 8:06 am to Rex Feral
quote:
it may make sense to give your wife 51% ownership.
If it has been dealing with government contracts this has been a "known" for a very long time... you are even better off if your wife is a minority...
Posted on 4/21/21 at 8:08 am to RonLaFlamme
quote:
Can you just identify as female?
"It's MA'AM!"
Posted on 4/21/21 at 8:09 am to Rex Feral
There are a lot of projects that we can't even pursue because our ownership isn't minority or female owned. The majority of our workforce is either minority or females but we're disqualified on an ownership basis from a lot of potential work.
Posted on 4/21/21 at 8:15 am to Dawgfanman
(no message)
This post was edited on 4/21/21 at 5:46 pm
Posted on 4/21/21 at 8:17 am to Rex Feral
quote:
it may make sense to give your wife 51% ownership.
Why not simply identify as female or black?
This post was edited on 4/21/21 at 8:19 am
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