HR 7503
117th 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 2022
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 14, 2022
Referred to the House Committee on Ways and Means.
Apr 14, 2022
Introduced in House
Plain-English summary
American Innovation Act of 2022
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
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1