House Bill 7505
116th Congress(2019-2020)
American Innovation Act of 2020
Introduced
Introduced in House on Jul 9, 2020
Origin Chamber
House
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
7505
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 House votes have been held for this bill.
Summary
American Innovation Act of 2020
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.
July 9, 2020
07/09/2020
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
07/09/2020
Referred to the Subcommittee on Select Revenue Measures.
07/09/2020
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:46:00 PM