H.R.6756 - American Innovation Act of 2018115th Congress (2017-2018)
|Sponsor:||Rep. Buchanan, Vern [R-FL-16] (Introduced 09/10/2018)|
|Committees:||House - Ways and Means | Senate - Finance|
|Committee Meetings:||09/26/18 3:00PM 09/13/18 10:00AM|
|Committee Reports:||H. Rept. 115-957|
|Latest Action:||Senate - 09/28/2018 Received in the Senate and Read twice and referred to the Committee on Finance. (All Actions)|
|Roll Call Votes:||There has been 1 roll call vote|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.6756 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (09/10/2018)
American Innovation Act of 2018
This bill consolidates and expands the existing tax deductions for start-up expenditures and organizational expenditures of taxpayers beginning an active trade or business.
For the year in which an active trade or business begins, the bill allows a single deduction equal to the lesser of (1) the aggregate amount of start-up and organizational expenditures paid or incurred in connection with the active trade or business, or (2) $20,000, reduced (but not below zero) by the amount by which the aggregate amount exceeds $120,000. The $20,000 and $120,000 limits must be adjusted for inflation after 2019.
The bill also allows a start-up business to use net operating loss carryforwards, net operating losses, and unused general business tax credits after an ownership change without being subject to certain limitations required under current law.