S.2841 - Support Our Start-Ups Act116th Congress (2019-2020) |
|Sponsor:||Sen. Baldwin, Tammy [D-WI] (Introduced 11/13/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 11/13/2019 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.2841 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (11/13/2019)
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.