S.1984 - Support Our Start-Ups Act115th Congress (2017-2018)
|Sponsor:||Sen. Baldwin, Tammy [D-WI] (Introduced 10/19/2017)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 10/19/2017 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.1984 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (10/19/2017)
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.