[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1808 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 1808

   To amend the Internal Revenue Code of 1986 to allow an immediate 
deduction for start-up and organizational expenditures in order to spur 
                           entrepreneurship.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 11, 2003

  Mr. Reynolds (for himself, Mrs. Blackburn, Ms. Ginny Brown-Waite of 
   Florida, and Mr. Souder) introduced the following bill; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to allow an immediate 
deduction for start-up and organizational expenditures in order to spur 
                           entrepreneurship.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Remove Tax Barriers for 
Entrepreneurs Act''.

SEC. 2. EXPENSING OF START-UP AND ORGANIZATIONAL EXPENDITURES.

    (a) Start-Up Expenditures.--
            (1) In general.--Paragraph (1) of section 195(b) of the 
        Internal Revenue Code of 1986 (relating to election to 
        amortize) is amended by striking ``such period of not less than 
        60 months'' and inserting ``such period of months''.
            (2) Conforming amendments.--
                    (A) Section 195(b) of such Code is amended in the 
                heading by striking ``amortize'' and inserting 
                ``deduct''.
                    (B) Section 195(b)(2) of such Code is amended in 
                the heading by striking ``amortization'' and inserting 
                ``selected''.
    (b) Organizational Expenditures.--
            (1) In general.--Subsection (a) of section 248 of such Code 
        (relating to organizational expenditures) is amended by 
        striking ``such period of not less than 60 months'' and 
        inserting ``such period of months''.
            (2) Conforming amendment.--Section 248(a) of such Code is 
        amended in the heading by striking ``amortize'' and inserting 
        ``deduct''.
    (c) Organizational and Syndication Fees of Partnerships.--
            (1) In general.--Paragraph (1) of section 709(b) of such 
        Code (relating to amortization of organization fees) is 
        amended--
                    (A) by striking ``such period of not less than 60 
                months'' and inserting ``such period of months'', and
                    (B) by striking ``such 60-month period'' and 
                inserting ``such period''.
            (2) Conforming amendment.--Section 709(b) of such Code is 
        amended in the heading by striking ``Amortization'' and 
        inserting ``Deduction''.
    (d) Effective Date.--The amendments made by this section shall 
apply to elections made after the date of the enactment of this Act.
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