S 2841
116th Congress
Senate
Taxation
Business expenses
Business investment and capital
Corporate finance and management
Income tax deductions
Inflation and prices
Small business
Support Our Start-Ups Act
Introduced: November 13, 2019
Introduced by:
Baldwin, Tammy
Democratic
· Wisconsin
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 13, 2019
Read twice and referred to the Committee on Finance.
Nov 13, 2019
Introduced in Senate
Plain-English summary
Support Our Start-Ups Act
This bill amends the Internal Revenue Code to extend the tax deduction for new business expenditures to organizational expenditures, generally defined as expenditures incident to the creation of a corporation or a partnership.
The bill also increases the maximum deduction amount for start-up and organizational expenditures from $5,000 to $20,000 and increases from $50,000 to $120,000 the threshold amount after which the maximum deduction amount for such expenditures is reduced.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1