H.R.111 - Support Our Start-Ups Act115th Congress (2017-2018)
|Sponsor:||Rep. Buchanan, Vern [R-FL-16] (Introduced 01/03/2017)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 01/03/2017 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.111 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (01/03/2017)
Support Our Start-Ups Act
This bill amends the Internal Revenue Code to extend the tax deduction for new business expenditures to organizational expenditures, generally defined as expenditures incident to the creation of a corporation or a partnership.
The bill also increases the maximum deduction amount for start-up and organizational expenditures from $5,000 to $20,000 and increases from $50,000 to $120,000 the threshold amount after which the maximum deduction amount for such expenditures is reduced.