Senate Bill 3136
116th Congress(2019-2020)
Small Business Start-up Savings Accounts Act of 2019
Introduced
Introduced in Senate on Dec 19, 2019
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3136
Congress
116
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
No Senate votes have been held for this bill.
Summary
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.
December 19, 2019
12/19/2019
Read twice and referred to the Committee on Finance.
12/19/2019
Introduced in Senate
Public Record
Record Updated
Oct 28, 2022 1:46:13 AM