3.0.0 2724 2023-01-11T13:25:44Z 2023-01-11T13:25:44Z Senate S S 2014-07-31 113 ssfi00 Finance Committee Senate Standing Referred to 2014-07-31T17:02:57Z Incentivize Growth Now In Tomorrow's Entrepreneurs Act of 2013 113 2558 HR 2013-06-27 Referred to the House Committee on Ways and Means. Related bill CRS 2014-07-31 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2014-07-31 Introduced in Senate IntroReferral 10000 9 Library of Congress U000039 Sen. Udall, Tom [D-NM] TOM UDALL D NM N Taxation Bank accounts, deposits, capital Business investment and capital Income tax deductions Income tax exclusion Small business Taxation 00 2014-07-31 Introduced in Senate 2014-09-26T19:53:41Z Incentivize Growth Now In Tomorrow's Entrepreneurs Act of 2014 - Amends the Internal Revenue Code to establish tax-exempt small business start-up accounts to allow businesses that employ 50 or fewer full-time employees to make distributions for operating capital, the purchase of equipment or facilities, marketing, training, incorporation, and accounting fees. Allows a tax deduction from gross income for contributions to such accounts, limited by the taxpayer's adjusted gross income. Limits the annual amount that may be contributed to such accounts to the lesser of $10,000, or the compensation that is includible in the taxpayer's gross income.

Sets forth reporting requirements for the trustee of a small business start-up account.

Makes the tax penalties for prohibited transactions and excess contributions applicable to such accounts.

]]> Incentivize Growth Now In Tomorrow's Entrepreneurs Act of 2014 Display Title Incentivize Growth Now In Tomorrow's Entrepreneurs Act of 2014 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide for the tax treatment of small business start-up savings accounts. Introduced in Senate IS Short Titles as Introduced Incentivize Growth Now In Tomorrow's Entrepreneurs Act of 2014 Introduced in Senate 2014-07-31T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s2724is/xml/BILLS-113s2724is.xml 2014-07-31 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.