Eliminating Paperwork for Startups Act

Bill: 117-hr-7090
Sponsor: full_name: Rep. McHenry, Patrick T. [R-NC-10]
Introduced: 2022-03-15
Policy area: Taxation
Latest action: action_date: 2022-03-15
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2022-03-15
action_desc: Introduced in House
text: <p><strong>Eliminating Paperwork for Startups Act</strong></p> <p>This bill requires the Internal Revenue Service to allow the election relating to property transferred in connection with services (i.e., to include in gross income the amount of such property in the year of transfer) to be made in electronic form.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 7090 IN THE HOUSE OF REPRESENTATIVES March 15, 2022 Mr. McHenry (for himself and Mr. Smith of Nebraska ) 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 require the Secretary of the Treasury to permit an election relating to property transferred in connection with services to be made in electronic form.

1. Short title This Act may be cited as the Eliminating Paperwork for Startups Act . 2. Electronic filing of election relating to property transferred in connection with services (a) In general Section 83(b)(2) of the Internal Revenue Code of 1986 is amended by inserting (except that such election may be made in electronic form) after in such manner as the Secretary prescribes . (b) Confirmation In the case of any election under section 83(b) of the Internal Revenue Code of 1986 which is made in electronic form, the Secretary of the Treasury shall ensure that a confirmation of such election is sent in electronic form to the person making such election. (c) Effective date The amendment made by this Act shall apply to elections made after the date that is 180 days after the date of the enactment of this Act.