Skip to main content
S 3136 116th Congress Senate Taxation Bank accounts, deposits, capital Business expenses Business investment and capital Income tax deductions Income tax exclusion Small business

Small Business Start-up Savings Accounts Act of 2019

Introduced: December 19, 2019 See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 19, 2019
Read twice and referred to the Committee on Finance.
Dec 19, 2019
Introduced in Senate
 Plain-English summary Congressional Research Service

Small Business Start-up Savings Accounts Act of 2019

This bill allows an individual or eligible small business (500 or fewer employees) to establish a small business start-up savings account. The taxpayer may deduct contributions to such start-up accounts in the amount of $10,000, or $150,000, reduced by aggregate contributions for all taxable years, whichever is the lesser amount. Qualified distributions (e.g, for purchase of equipment, marketing, training, or accounting fees) from such accounts are excluded from gross income, for income tax purposes.

The bill also imposes penalty taxes on excess contributions to a small business start-up savings account and for nonqualified distributions from such an account.

What's happening now December 19, 2019

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1