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HR 5783 114th Congress House Taxation Business investment and capital Employee benefits and pensions Income tax exclusion Small business

Small Business Start-up Savings Accounts Act of 2016

Introduced: July 14, 2016 Introduced by: Sewell, Terri A. Democratic · Alabama See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 14, 2016
Referred to the House Committee on Ways and Means.
Jul 14, 2016
Introduced in House
 Plain-English summary Congressional Research Service

Small Business Start-up Savings Accounts Act of 2016

This bill amends the Internal Revenue Code to provide for tax-preferred Small Business Start-up Savings Accounts to pay for trade or business expenses, including the purchase of equipment or facilities, marketing, training, incorporation, and accounting fees. The bill allows annual nondeductible contributions to such accounts of up to $10,000, subject to a $150,000 limit on total contributions to the account and adjustments for inflation after 2017. The bill sets forth rules for the tax treatment of contributions to and rollovers or distributions from the accounts, similar to rules governing individual retirement accounts (IRAs). Qualified distributions from the accounts are excluded from gross income.

What's happening now July 14, 2016

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1