3.0.0 368 2024-07-24T15:24:06Z 2024-07-24T15:24:06Z House H HR 2023-01-13 118 [Congressional Record Volume 169, Number 11 (Friday, January 13, 2023)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. BUCHANAN:H.R. 368.Congress has the power to enact this legislation pursuantto the following:Art. 1, Sec. 8[Page H238]]]> hswm00 Ways and Means Committee House Standing Referred to 2023-01-13T16:00:05Z 2023-01-13 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2023-01-13 Introduced in House IntroReferral Intro-H 9 Library of Congress 2023-01-13 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 2023-03-20T13:15:38Z Business investment and capital 2023-03-20T13:15:38Z Capital gains tax 2023-03-20T13:15:38Z Corporate finance and management 2023-03-20T13:15:38Z Income tax credits 2023-03-20T13:15:38Z Income tax deductions 2023-03-20T13:15:38Z Inflation and prices 2023-03-20T13:15:38Z Taxation 2023-01-30T16:30:27Z 00 2023-01-13 Introduced in House 2023-01-31T14:40:27Z American Innovation Act of 2023

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 2023 Display Title 45 American Innovation Act of 2023 2024-07-24T15:24:06Z Short Title(s) as Introduced 101 American Innovation Act of 2023 2024-05-24T13:43:00Z Introduced in House IH Official Title as Introduced 6 To amend the Internal Revenue Code of 1986 to promote new business innovation, and for other purposes. 2024-03-18T20:12:15Z Introduced in House IH Introduced in House 2023-01-13T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118hr368ih/xml/BILLS-118hr368ih.xml 2023-01-13 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.