American Innovation Act of 2018

Bill: 115-hr-6756
Sponsor: Rep. Buchanan, Vern [R-FL-16]
Introduced: 2018-09-10 in the House
Policy area: Taxation
Subjects: Business investment and capital
Corporate finance and management
Income tax credits
Income tax deductions
Inflation and prices

Summary:
action_date: 2018-09-10
text: 

American Innovation Act of 2018 

 
This bill consolidates and expands the existing tax deductions for start-up expenditures and organizational expenditures of taxpayers beginning an active trade or business.
 
For the year in which an active trade or business begins, the bill allows a single deduction equal to the lesser of (1) the aggregate amount of start-up and organizational expenditures paid or incurred in connection with the active trade or business, or (2) $20,000, reduced (but not below zero) by the amount by which the aggregate amount exceeds $120,000. The $20,000 and $120,000 limits must be adjusted for inflation after 2019. 
 
The bill also allows a start-up business to use net operating loss carryforwards, net operating losses, and unused general business tax credits after an ownership change without being subject to certain limitations required under current law. 


Legislative actions:
action_date: 2018-09-28
text: Received in the Senate and Read twice and referred to the Committee on Finance.
action_date: 2018-09-27
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2018-09-27
text: On passage Passed by the Yeas and Nays: 260 - 156 (Roll no. 412). (text: CR H9113-9114)
action_date: 2018-09-27
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 260 - 156 (Roll no. 412).(text: CR H9113-9114)
action_date: 2018-09-27
text: Considered as unfinished business. (consideration: CR H9134-9135)
action_date: 2018-09-27
text: POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 6756, the Chair put the question on passage of the bill, and announced that the ayes prevailed by voice vote. Mr. Buchanan demanded the Yeas and Nays, and the Chair postponed further proceedings on the question of passage on H.R. 6756 until later in the legislative day.
action_date: 2018-09-27
text: The previous question was ordered pursuant to the rule.
action_date: 2018-09-27
text: DEBATE - The House proceeded with one hour of debate on H.R. 6756.
action_date: 2018-09-27
text: Rule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760.
action_date: 2018-09-27
text: Considered under the provisions of rule H. Res. 1084. (consideration: CR H9113-9118)
action_date: 2018-09-26
text: Rules Committee Resolution H. Res. 1084 Reported to House. Rule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760.
action_date: 2018-09-24
text: Placed on the Union Calendar, Calendar No. 745.
action_date: 2018-09-24
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-957.
action_date: 2018-09-24
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-957.
action_date: 2018-09-13
text: Ordered to be Reported in the Nature of a Substitute by Voice Vote.
action_date: 2018-09-13
text: Committee Consideration and Mark-up Session Held.
action_date: 2018-09-10
text: Referred to the House Committee on Ways and Means.
action_date: 2018-09-10
text: Introduced in House
action_date: 2018-09-10
text: Introduced in House