H.R. 6756 - 115th Congress (2017-2018) - American Innovation Act of 2018

Sponsor

Introduced

Sep 10, 2018

Latest Action

Sep 28, 2018

Origin Chamber

House

Type

Bill Number

6756

Congress

115

Policy Area

House Votes (1)

Senate Votes (0)

checkPassed on September 27, 2018

Question

On Passage

Status

Passed

Type

Roll Call Type

Yea-And-Nay

Roll Number

412

House Roll Call Votes

Republicans

Democrats

Select State

Summary

American Innovation Act of 2018

This bill consolidates and expands the existing tax deductions for start-up expenditures and organizational expenditures of taxpayers beginning an active trade or business.

For the year in which an active trade or business begins, the bill allows a single deduction equal to the lesser of (1) the aggregate amount of start-up and organizational expenditures paid or incurred in connection with the active trade or business, or (2) $20,000, reduced (but not below zero) by the amount by which the aggregate amount exceeds $120,000. The $20,000 and $120,000 limits must be adjusted for inflation after 2019.

The bill also allows a start-up business to use net operating loss carryforwards, net operating losses, and unused general business tax credits after an ownership change without being subject to certain limitations required under current law.

Text (4)

September 28, 2018

September 27, 2018

September 24, 2018

September 10, 2018

Amendments (1)

Sep 27, 2018

Offered in House

Sponsorship

House Amendment 968

Pursuant to the provisions of H.Res. 1084, the amendment in the nature of a substitute, modified by the amendment printed in Part A is considered adopted.

Submitted

Actions (17)

Show Only Major Actions

09/28/2018

Received in the Senate and Read twice and referred to the Committee on Finance.

09/27/2018

Motion to reconsider laid on the table Agreed to without objection.

09/27/2018

On passage Passed by the Yeas and Nays: 260 - 156 (Roll no. 412). (text: CR H9113-9114)

09/27/2018

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 260 - 156 (Roll no. 412).(text: CR H9113-9114)

09/27/2018

Considered as unfinished business. (consideration: CR H9134-9135)

09/27/2018

POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 6756, the Chair put the question on passage of the bill, and announced that the ayes prevailed by voice vote. Mr. Buchanan demanded the Yeas and Nays, and the Chair postponed further proceedings on the question of passage on H.R. 6756 until later in the legislative day.

09/27/2018

The previous question was ordered pursuant to the rule.

09/27/2018

DEBATE - The House proceeded with one hour of debate on H.R. 6756.

09/27/2018

Rule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760.

09/27/2018

Considered under the provisions of rule H. Res. 1084. (consideration: CR H9113-9118)

09/26/2018

Rules Committee Resolution H. Res. 1084 Reported to House. Rule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760.

09/24/2018

Placed on the Union Calendar, Calendar No. 745.

09/24/2018

Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-957.

09/13/2018

Ordered to be Reported in the Nature of a Substitute by Voice Vote.

09/13/2018

Committee Consideration and Mark-up Session Held.

09/10/2018

Referred to the House Committee on Ways and Means.

09/10/2018

Introduced in House