Growing Small Businesses Act

[AI summary unavailable — showing source text] Growing Small Businesses Act This bill amends the Internal Revenue Code to allow a tax credit for investments in a small business's first qualifying production facility. The credit is equal to 25% of the cost of property for an eligible employer's first qualifying production facility placed in service during the year. The credit applies to employers who: (1) have no more than 50 full-time equivalent employees, and (2) have not previously placed in service a dedicated facility for the production of goods for sale. A "qualifying production facility" must be used to produce any of the following products: tangible personal property, computer software, films and videotape, sound recordings, or food and beverages which are prepared by the taxpayer but not primarily for consumption at property owned by the taxpayer. Qualifying employers may elect to apply up to $250,000 of the credit against payroll taxes.…