H.R. 111 · 115th Congress
Support Our Start-Ups Act
- Stage
- In committee
- Sponsor
- Vern Buchanan
- Introduced
- 2017-01-03
- Latest action
- 2017-01-03 · Introduced in House
Summary
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.