H.R. 253 · 114th Congress
Incentivize Growth Now In Tomorrow's Entrepreneurs Act of 2015
- Stage
- In committee
- Sponsor
- Mike Honda
- Introduced
- 2015-01-09
- Latest action
- 2015-01-09 · Introduced in House
Summary
Incentivize Growth Now In Tomorrow's Entrepreneurs Act of 2015
This bill creates tax-exempt small business start-up accounts to pay for the start-up expenses (defined as expenses for investigating the creation or acquisition of an active trade or business) of a business that does not employ more than 50 full-time employees during a taxable year. Cash contributions to such accounts are allowed up to the lesser of $10,000 or the amount of compensation includible in the taxpayer's gross income for the taxable year.