House Bill 6756
115th Congress(2017-2018)
American Innovation Act of 2018
Active
Amendments
Active
Passed House on Sep 27, 2018
Overview
Text
Introduced
Sep 10, 2018
Latest Action
Sep 28, 2018
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
6756
Congress
115
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.
Sponsorship by Party
Florida
Nebraska
Illinois
Illinois
Kansas
Michigan
Minnesota
Missouri
California
New York
North Carolina
Pennsylvania
South Carolina
South Dakota
Tennessee
Washington
House Votes (2)
Senate Votes (0)
Passed
September 27, 2018
Type
Passage Of A Measure
House Roll Call Votes
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
0
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)
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
Public Record
Record Created
Sep 11, 2018 7:10:39 AM
Record Updated
Mar 2, 2022 3:42:54 PM