summary
Introduced
09/10/2018
09/10/2018
In Committee
09/13/2018
09/13/2018
Crossed Over
09/28/2018
09/28/2018
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
American Innovation Act of 2018
AI Summary
This bill, the American Innovation Act of 2018, amends the Internal Revenue Code to simplify and expand the deduction for start-up and organizational expenditures. Specifically, it increases the amount of start-up and organizational expenditures that can be immediately deducted from $5,000 to $20,000, and it allows any remaining expenditures to be amortized over 15 years instead of 60 months. The bill also preserves the ability of start-ups to use net operating losses and tax credits after an ownership change, subject to certain requirements. These changes are intended to promote new business innovation by making it easier for entrepreneurs to start and grow new companies.
Committee Categories
Budget and Finance
Sponsors (27)
Vern Buchanan (R)*,
Mike Bishop (R),
Diane Black (R),
Marsha Blackburn (R),
Kevin Brady (R),
Carlos Curbelo (R),
Ron Estes (R),
George Holding (R),
Lynn Jenkins (R),
Sam Johnson (R),
Mike Kelly (R),
Darin LaHood (R),
Kenny Marchant (R),
Paul Mitchell (I),
Kristi Noem (R),
Devin Nunes (R),
Erik Paulsen (R),
Tom Reed (R),
David Reichert (R),
James Renacci (R),
Tom Rice (R),
Peter Roskam (R),
David Schweikert (R),
Adrian Smith (R),
Jason Smith (R),
Jackie Walorski (R),
Brad Wenstrup (R),
Last Action
Received in the Senate and Read twice and referred to the Committee on Finance. (on 09/28/2018)
Official Document
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