What is a "Small Business" Under the PATH Act?

Under the PATH Act of 2015 a "Small Business" is: A corporation the stock of which is NOT publicly traded A partnership, or A sole proprietorship, AND if the average annual gross receipts of such corporation, partnership or sole proprietorship for the 3-taxable-year period preceding the taxable year does not exceed $50M Simple Terms If the company wants to claim the credit in 2016, they would need to look at 2015, 2014, and 2013 gross receipts, total and divide them by 3 and be under $50M.

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