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HR 368 118th 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 2023

Introduced: January 13, 2023 Introduced by: Buchanan, Vern Republican · Florida See on congress.gov
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 13, 2023
Referred to the House Committee on Ways and Means.
Jan 13, 2023
Introduced in House
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 Plain-English summary Congressional Research Service

American Innovation Act of 2023

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 January 13, 2023

Referred to the House Committee on Ways and Means.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 368: American Innovation Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-HR-368/
MLA
"H.R. 368: American Innovation Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-368/.
Bluebook (legal)
H.R. 368, 118th Cong. (2026), https://openamerica.io/bill/118-HR-368/.
Markdown link
[H.R. 368: American Innovation Act of 2023](https://openamerica.io/bill/118-HR-368/)
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