Section 47 of the Internal Revenue Code

Section 47 of the Internal Revenue Code provides a tax credit for certain small and medium-sized businesses that invest in specific assets, like new equipment or property, to promote economic growth and employment. Essentially, it allows businesses to reduce their tax liability by a percentage of their investment costs in qualified property. This incentives businesses to invest in their operations, with the goal of supporting economic development. The specifics, including eligible assets and credit amounts, are detailed in subsequent sections and regulations.