S. 1402 (111th): Small Business Jump Start Act of 2009

111th Congress, 2009–2010. Text as of Jul 07, 2009 (Introduced).

Status & Summary | PDF | Source: GPO

S 1402 IS

111th CONGRESS

1st Session

S. 1402

To amend the Internal Revenue Code of 1986 to increase the amount allowed as a deduction for start-up expenditures.

IN THE SENATE OF THE UNITED STATES

July 7, 2009

Mr. MERKLEY (for himself and Mr. ALEXANDER) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to increase the amount allowed as a deduction for start-up 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 ‘Small Business Jump Start Act of 2009’.

SEC. 2. INCREASE IN AMOUNT ALLOWED AS DEDUCTION FOR START-UP EXPENDITURES.

    (a) In General- Subsection (b) of section 195 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

      ‘(3) SPECIAL RULE FOR TAXABLE YEARS BEGINNING IN 2009, 2010, OR 2011- In the case of a taxable year beginning in 2009, 2010, or 2011, paragraph (1)(A)(ii) shall be applied--

        ‘(A) by substituting ‘$10,000’ for ‘$5,000’, and

        ‘(B) by substituting ‘$60,000’ for ‘$50,000’.’.

    (b) Effective Date- The amendments made by this section shall apply to amounts paid or incurred in taxable years beginning after the date of the enactment of this Act.