H.R.1180 - Small Business Start-up Savings Accounts Act of 2011112th Congress (2011-2012)
|Sponsor:||Rep. Gardner, Cory [R-CO-4] (Introduced 03/17/2011)|
|Committees:||House - Ways and Means|
|Latest Action:||03/17/2011 Referred to the House Committee on Ways and Means.|
This bill has the status Introduced
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Summary: H.R.1180 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in House (03/17/2011)
Small Business Start-up Savings Accounts Act of 2011 - Amends the Internal Revenue Code to allow businesses with 500 or fewer employees to establish small business start-up savings accounts for the payment of certain business expenses, including the purchase of equipment or facilities, marketing, training, incorporation, and accounting fees. Requires all distributions from such accounts for payment of business expenses to be completed within five years after the first account distribution.
Allows a tax deduction for contributions to a start-up savings account, limited to the lesser of: (1) $10,000, or (2) $150,000 reduced by the aggregate account contributions for all taxable years. Excludes distributions from such accounts from gross income for income tax purposes. Imposes an excise tax on excess contributions to and for nonqualified distributions from such accounts.