summary
Introduced
01/10/2017
01/10/2017
In Committee
01/10/2017
01/10/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Promote Startups Act of 2017 This bill amends the Internal Revenue Code to increase the maximum tax deduction for business start-up expenditures from $5,000 to $15,000 and to increase the deduction for the organizational expenditures of corporations from $5,000 to $10,000. The bill also increases the ceilings for such expenditures over which the amount of the tax deduction is reduced.
AI Summary
This bill, the Promote Startups Act of 2017, amends the Internal Revenue Code to permanently increase the maximum tax deduction for business start-up expenditures from $5,000 to $15,000 and the deduction for the organizational expenditures of corporations from $5,000 to $10,000. It also increases the ceilings for such expenditures over which the amount of the tax deduction is reduced, from $50,000 to $150,000 for start-up expenditures and from $50,000 to $60,000 for corporate organizational expenditures. These changes are intended to encourage and support the creation of new businesses by providing greater tax benefits for the costs associated with starting a company.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Referred to the House Committee on Ways and Means. (on 01/10/2017)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/house-bill/420/all-info |
| BillText | https://www.congress.gov/115/bills/hr420/BILLS-115hr420ih.pdf |
| Bill | https://www.congress.gov/115/bills/hr420/BILLS-115hr420ih.pdf.pdf |
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