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H.R.3976 - Enhancing Exports Through Entrepreneurship Act of 2012
To provide exporting assistance to small business concerns, and for other purposes.
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Ms. VELAZQUEZ introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committees on Small Business, Financial Services, and Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concernedCommentsClose CommentsPermalink
SECTION 1. SHORT TITLE.
SEC. 2. SMALL BUSINESS TAX CREDIT FOR COSTS ASSOCIATED WITH EXPANDING EXPORT MARKETS.
‘SEC. 45S. CREDIT FOR SMALL BUSINESS COSTS OF EXPANDING EXPORT MARKETS.
‘(a) In General- For purposes of section 38, in the case of a qualified small business, the small business export expansion credit for any taxable year is an amount equal to 25 percent of the export expansion expenses of the taxpayer paid or incurred during the taxable year.CommentsClose CommentsPermalink
‘(b) Export Expansion Expenses- For purposes of this section, the term ‘export expansion expenses’ means amounts paid or incurred by the taxpayer for the purpose of increasing the amount of goods sold for consumption, or services provided, outside the United States. Such term shall not include the cost of goods sold (and similar amounts with respect to services provided).CommentsClose CommentsPermalink
‘(c) Qualified Small Business- For purposes of this section, the term ‘qualified small business’ means a small business concern within the meaning of section 3 of the Small Business Act.’.CommentsClose CommentsPermalink
(1) IN GENERAL- Subsection (b) of section 38 of such Code is amended by striking ‘plus’ at the end of paragraph (35), by striking the period at the end of paragraph (36) and inserting ‘, plus’, and by adding at the end the following new paragraph:CommentsClose CommentsPermalink
(2) CREDIT ALLOWABLE AGAINST ALTERNATIVE MINIMUM TAX- Subparagraph (B) of section 38(c)(4) of such Code is amended by redesignating clauses (vii) through (ix) as clauses (viii) through (x), respectively, and by inserting after clause (vi) the following new clause:CommentsClose CommentsPermalink
SEC. 3. AVAILABILITY OF ESSENTIAL TRADE INFORMATION.
‘(E) compiling in a format that is accessible and able to be understood by the owners of small business concerns, making available to appropriate partner entities (including small business development centers, women’s business centers, chapters of the Service Corps of Retired Executives, Veterans Business Outreach Centers, and Export Assistance Centers), and updating each year a document that contains--CommentsClose CommentsPermalink
‘(ii) for each of the 50 foreign countries to which the highest total value of United States goods and services are exported (as determined by the Associate Administrator), information on the demand for goods and services in the country, including an identification of the 10 industry sectors with respect to which the highest total value of United States goods and services are exported to the country (as determined by the Associate Administrator);’.CommentsClose CommentsPermalink
SEC. 4. FOREIGN CUSTOMER MATCHMAKING.
‘(14) in coordination with the Department of Commerce and other appropriate Federal departments and agencies, identify and advertise to small business concerns programs and services that facilitate the matching of foreign customers to small business concerns, including--CommentsClose CommentsPermalink
‘(A) any program administered by a Federal department or agency that assists small business concerns to identify and meet with foreign buyers, partners, or sales representatives; andCommentsClose CommentsPermalink
‘(B) any service of a Federal department or agency that assists small business concerns to participate in personalized business matchmaking, trade missions, reverse trade missions, or trade shows.’.CommentsClose CommentsPermalink
SEC. 5. LOANS TO SMALL BUSINESSES BY THE EXPORT-IMPORT BANK.
(1) in the first sentence, by inserting ‘, and from the aggregate loan authority available to it, an amount to so finance such exports which shall be not less than 30 percent of such authority for each fiscal year’ before the period; andCommentsClose CommentsPermalink
(2) by adding at the end the following new sentence: ‘The Bank shall charge interest and fees to the extent necessary to fully offset the costs of making loans under this clause.’.CommentsClose CommentsPermalink
SEC. 6. INCREASE IN SMALL BUSINESS INVESTMENT BY OVERSEAS PRIVATE INVESTMENT CORPORATION.
(b) Effective Date- The amendments made by subsection (a) take effect on the date of the enactment of this Act and apply with respect each fiscal year beginning on or after such date of enactment.CommentsClose CommentsPermalink
SEC. 7. LIMITATIONS ON DUTIES THAT APPLY TO CERTAIN GOODS AND SERVICES IMPORTED INTO THE UNITED STATES FOR USE BY SMALL BUSINESS CONCERNS.
(a) Limitation on HTS Duties- Notwithstanding any other provision of law, the rate of duty under the HTS that applies to a covered good or covered service that is imported into the United States shall not exceed the lesser of--CommentsClose CommentsPermalink
(1) IN GENERAL- Notwithstanding any other provision of law, no additional duty described in paragraph (2) shall apply with respect to a covered good or covered service that is imported into the United States.CommentsClose CommentsPermalink
(c) Documentation- The Secretary shall require the importer of a good or service who, for purposes of this section, claims the good or service to be a covered good or covered service, as the case may be, to submit such documentation or other information to the Secretary as may be necessary to verify the accuracy of such claims.CommentsClose CommentsPermalink
(A) as such term relates to imports of goods, one of the parties eligible to file the required customs entry documentation or information pursuant to section 484(a)(2)(B) of the Tariff Act of 1930 (
(A) as relates to imports of covered goods, the time generally specified in section 484(a)(2)(A) of the Tariff Act of 1930 (
(f) Effective Date- This section takes effect on the date of the enactment of this Act and applies to covered goods and covered services entered, or withdrawn from warehouse for consumption, on or after the 15th day after the date of the enactment of this Act.CommentsClose CommentsPermalink