[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 420 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 420

To amend the Internal Revenue Code of 1986 to permanently increase the 
     limitations on the deduction for start-up and organizational 
                             expenditures.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 10, 2017

Mrs. Lawrence introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to permanently increase the 
     limitations on the deduction for start-up and organizational 
                             expenditures.

    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 ``Promote Startups Act of 2017''.

SEC. 2. PERMANENT INCREASE OF LIMITATION ON DEDUCTION FOR START-UP AND 
              ORGANIZATIONAL EXPENDITURES.

    (a) Start-Up Expenditures.--
            (1) In general.--Section 195(b)(1)(A)(ii) of the Internal 
        Revenue Code of 1986 is amended--
                    (A) by striking ``$5,000'' and inserting 
                ``$15,000'', and
                    (B) by striking ``$50,000'' and inserting 
                ``$150,000''.
            (2) Conforming amendment.--Section 195(b) of such Code is 
        amended by striking paragraph (3).
    (b) Organizational Expenditures.--Section 248(a)(1)(B) of such Code 
is amended--
            (1) by striking ``$5,000'' and inserting ``$10,000'', and
            (2) by striking ``$50,000'' and inserting ``$60,000''.
    (c) Effective Date.--The amendments made by this section shall 
apply to amounts paid or incurred with respect to--
            (1) in the case of the amendments made by subsection (a), 
        trades or businesses beginning in taxable years beginning after 
        December 31, 2016, and
            (2) in the case of the amendments made by subsection (b), 
        corporations the business of which begins in taxable years 
        beginning after such date.
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