Support Our Startups Act of 2017

Bill: 115-hr-341
Sponsor: full_name: Rep. Serrano, Jose E. [D-NY-15]
Introduced: 2017-01-05
Policy area: Taxation
Subjects: Business investment and capital

Income tax deductions

Small business
Latest action: action_date: 2017-01-05
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2017-01-05
action_desc: Introduced in House
text: <p><strong>Support Our Startups Act of 201</strong><b>7</b></p> <p>This bill amends the Internal Revenue Code to increase the amount of the tax deduction for business start-up expenses for taxable years beginning in 2017 or 2018. </p> <p>Under current law, start-up expenses are paid or incurred in connection with: (1) investigating the creation or acquisition of an active trade or business; (2) creating an active trade or business; or (3) any activity engaged in for profit and for the production of income before the day on which the active trade or business begins, in anticipation of the activity becoming an active trade or business. </p>

tv_txt: I 115th CONGRESS 1st Session H. R. 341 IN THE HOUSE OF REPRESENTATIVES January 5, 2017 Mr. Serrano 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 increase the deduction for start-up expenditures for business for 2017 and 2018.

1. Short title This Act may be cited as the Support Our Startups Act of 2017 . 2. Increase in deduction for start-up expenditures for 2017 and 2018 (a) In general Paragraph (3) of section 195(b) of the Internal Revenue Code of 1986 is amended— (1) by striking 2010 in the matter preceding subparagraph (A) and inserting 2010, 2017, or 2018 , and (2) by striking 2010 in the heading and inserting 2010, 2017, or 2018 . (b) Effective date The amendments made by subsection (a) shall apply to taxable years beginning after December 31, 2016.