Promote Startups Act of 2017

Bill: 115-hr-420
Sponsor: full_name: Rep. Lawrence, Brenda L. [D-MI-14]
Introduced: 2017-01-10
Policy area: Taxation
Subjects: Business investment and capital

Corporate finance and management

Income tax deductions

Small business
Latest action: action_date: 2017-01-10
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2017-01-10
action_desc: Introduced in House
text: <p><strong>Promote Startups Act of 201</strong><b>7</b></p> <p>This bill amends the Internal Revenue Code to increase the maximum tax deduction for business start-up expenditures from $5,000 to $15,000&nbsp;and to increase the deduction for the organizational expenditures of corporations from $5,000 to $10,000.&nbsp;The bill also increases the ceilings for such expenditures over which the amount of the tax deduction is reduced. </p>

tv_txt: I 115th CONGRESS 1st Session H. R. 420 IN THE HOUSE OF REPRESENTATIVES January 10, 2017 Mrs. Lawrence introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to permanently increase the limitations on the deduction for start-up and organizational expenditures.

1. Short title This Act may be cited as the Promote Startups Act of 2017 . 2. Permanent increase of limitation on deduction for start-up and organizational expenditures (a) Start-Up expenditures (1) In general Section 195(b)(1)(A)(ii) of the Internal Revenue Code of 1986 is amended— (A) by striking $5,000 and inserting $15,000 , and (B) by striking $50,000 and inserting $150,000 . (2) Conforming amendment Section 195(b) of such Code is amended by striking paragraph (3). (b) Organizational expenditures Section 248(a)(1)(B) of such Code is amended— (1) by striking $5,000 and inserting $10,000 , and (2) by striking $50,000 and inserting $60,000 . (c) Effective date The amendments made by this section shall apply to amounts paid or incurred with respect to— (1) in the case of the amendments made by subsection (a), trades or businesses beginning in taxable years beginning after December 31, 2016, and (2) in the case of the amendments made by subsection (b), corporations the business of which begins in taxable years beginning after such date.