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HR 7505 116th Congress House 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

American Innovation Act of 2020

Introduced: July 9, 2020 Introduced by: Buchanan, Vern Republican · Florida See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 9, 2020
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.
Jul 9, 2020
Referred to the Subcommittee on Select Revenue Measures.
Jul 9, 2020
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now July 9, 2020

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.

 Committees of jurisdiction 3