3.0.0 5783 2023-01-11T13:33:23Z 2023-01-11T13:33:23Z House HR 2016-07-14 114 [Congressional Record Volume 162, Number 114 (Thursday, July 14, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. SEWELL of Alabama:H.R. 5783.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1 and the sixteenth amendment[Page H1826]]]> hswm00 Ways and Means Committee House Standing Referred to 2016-07-14T13:02:35Z Small Business Start-up Savings Accounts Act of 2015 114 1262 S 2015-05-07 Read twice and referred to the Committee on Finance. Related bill CRS 2016-07-14 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2016-07-14 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-07-14 Introduced in House IntroReferral 1000 9 Library of Congress S001185 Rep. Sewell, Terri A. [D-AL-7] Terri Sewell D AL A. 7 N C001084 Rep. Cicilline, David N. [D-RI-1] David Cicilline D RI N. 1 2016-07-14 True B000911 Rep. Brown, Corrine [D-FL-5] CORRINE BROWN D FL 5 2016-07-14 True Taxation Business investment and capital Employee benefits and pensions Income tax exclusion Small business Taxation 00 2016-07-14 Introduced in House 2017-02-16T14:39:04Z Small Business Start-up Savings Accounts Act of 2016

This bill amends the Internal Revenue Code to provide for tax-preferred Small Business Start-up Savings Accounts to pay for trade or business expenses, including the purchase of equipment or facilities, marketing, training, incorporation, and accounting fees. The bill allows annual nondeductible contributions to such accounts of up to $10,000, subject to a $150,000 limit on total contributions to the account and adjustments for inflation after 2017. The bill sets forth rules for the tax treatment of contributions to and rollovers or distributions from the accounts, similar to rules governing individual retirement accounts (IRAs). Qualified distributions from the accounts are excluded from gross income.

]]> Small Business Start-up Savings Accounts Act of 2016 Display Title Small Business Start-up Savings Accounts Act of 2016 Short Titles as Introduced Small Business Start-up Savings Accounts Act of 2016 Official Title as Introduced To amend the Internal Revenue Code of 1986 to establish tax-preferred Small Business Start-up Savings Accounts. Introduced in House 2016-07-14T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr5783ih/xml/BILLS-114hr5783ih.xml 2016-07-14 Referred to the House Committee on Ways and Means. 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.