3.0.0 7505 2023-01-11T13:46:00Z 2023-01-11T13:46:00Z House HR 2020-07-09 116 [Congressional Record Volume 166, Number 124 (Thursday, July 9, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. BUCHANAN:H.R. 7505.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1 of the Constitution of theUnited States.[Page H3076]]]> hsbu00 Budget Committee House Standing Referred to 2020-07-09T18:03:40Z hswm00 Ways and Means Committee House Standing hswm05 Tax Subcommittee Referred to 2020-07-09T13:56:53Z Referred to 2020-07-09T18:03:35Z Support Our Start-Ups Act 116 2841 S 2019-11-13 Read twice and referred to the Committee on Finance. Related bill CRS 2020-07-09 Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsbu00 Budget Committee 2020-07-09 Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2020-07-09 hswm05 Tax Subcommittee 1 House committee actions Referred to the Subcommittee on Select Revenue Measures. Committee 2020-07-09 Introduced in House IntroReferral Intro-H 9 Library of Congress 2020-07-09 Introduced in House IntroReferral 1000 9 Library of Congress B001260 Rep. Buchanan, Vern [R-FL-16] Vern Buchanan R FL 16 N Taxation Budget deficits and national debt Business investment and capital Capital gains tax Corporate finance and management Income tax credits Income tax deductions Inflation and prices Taxation 00 2020-07-09 Introduced in House 2021-01-29T19:56:05Z American Innovation Act of 2020

This bill revises the tax treatment of business start-up or organizational expenditures. Specifically, it allows an election to deduct such expenditures in an amount equal to the lesser of the aggregate amount of such expenditures incurred by an active trade of business or $20,000, reduced by the amount by which such aggregate amount exceeds $120,000. The remaining amount of such expenditures shall be amortized over the 180 month period after the trade or business begins.

The bill also revises the tax treatment of partnership syndication fees and start-up net operating losses and tax credits after an ownership change.

]]> American Innovation Act of 2020 Display Title American Innovation Act of 2020 Official Title as Introduced To amend the Internal Revenue Code of 1986 to promote new business innovation, and for other purposes. Introduced in House IH Short Title(s) as Introduced American Innovation Act of 2020 Introduced in House IH Introduced in House 2020-07-09T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr7505ih/xml/BILLS-116hr7505ih.xml 2020-07-09 Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. 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.