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House Bill 420
115th Congress(2017-2018)
Promote Startups Act of 2017
Introduced
Introduced
Introduced in House on Jan 10, 2017
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Introduced in House 
Jan 10, 2017
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Introduced in House(Jan 10, 2017)
Jan 10, 2017
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Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
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H. R. 420 (Introduced-in-House)


115th CONGRESS
1st Session
H. R. 420


To amend the Internal Revenue Code of 1986 to permanently increase the limitations on the deduction for start-up and organizational expenditures.

IN THE HOUSE OF REPRESENTATIVES

January 10, 2017

Mrs. Lawrence introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to permanently increase the limitations on the deduction for start-up and organizational expenditures.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Promote Startups Act of 2017”.

SEC. 2. Permanent increase of limitation on deduction for start-up and organizational expenditures.

(a) Start-Up expenditures.—

(1) IN GENERAL.—Section 195(b)(1)(A)(ii) of the Internal Revenue Code of 1986 is amended—

(A) by striking “$5,000” and inserting “$15,000”, and

(B) by striking “$50,000” and inserting “$150,000”.

(2) CONFORMING AMENDMENT.—Section 195(b) of such Code is amended by striking paragraph (3).

(b) Organizational expenditures.—Section 248(a)(1)(B) of such Code is amended—

(1) by striking “$5,000” and inserting “$10,000”, and

(2) by striking “$50,000” and inserting “$60,000”.

(c) Effective date.—The amendments made by this section shall apply to amounts paid or incurred with respect to—

(1) in the case of the amendments made by subsection (a), trades or businesses beginning in taxable years beginning after December 31, 2016, and

(2) in the case of the amendments made by subsection (b), corporations the business of which begins in taxable years beginning after such date.