3.0.0 2576 2023-01-11T13:36:41Z 2023-01-11T13:36:41Z House HR 2017-05-19 115 [Congressional Record Volume 163, Number 87 (Friday, May 19, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. SERRANO:H.R. 2576.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 18 of the Constitution[Page H4390]]]> hswm00 Ways and Means Committee House Standing Referred to 2017-05-19T13:01:05Z 2017-05-19 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2017-05-19 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-05-19 Introduced in House IntroReferral 1000 9 Library of Congress S000248 Rep. Serrano, Jose E. [D-NY-15] JOSE SERRANO D NY E. 15 N Taxation Bank accounts, deposits, capital Business investment and capital Income tax exclusion Small business Taxation 00 2017-05-19 Introduced in House 2017-07-05T19:10:16Z Incentivize Growth Now In Tomorrow's Entrepreneurs Act of 2017

This bill amends the Internal Revenue Code to create tax-exempt small business start-up savings accounts to pay for the start-up expenses of a business that does not employ more than 50 full-time employees during a taxable year. Cash contributions to such accounts are allowed up to the lesser of $10,000 or the amount of compensation includible in the taxpayer's gross income for the taxable year.

(Start-up expenditures are paid or incurred in connection with: (1) investigating the creation or acquisition of an active trade or business; (2) creating an active trade or business; or (3) any activity engaged in for profit and for the production of income before the day on which the active trade or business begins, in anticipation of the activity becoming an active trade or business.)

]]> Incentivize Growth Now In Tomorrow's Entrepreneurs Act of 2017 Display Title Incentivize Growth Now In Tomorrow's Entrepreneurs Act of 2017 Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide for the tax treatment of small business start-up savings accounts. Introduced in House IH Short Titles as Introduced Incentivize Growth Now In Tomorrow's Entrepreneurs Act of 2017 Introduced in House 2017-05-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr2576ih/xml/BILLS-115hr2576ih.xml 2017-05-19 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.