Summary: S.2841 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for S.2841. Bill summaries are authored by CRS.

Shown Here:
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.