H.R. 1180 (112th): Small Business Start-up Savings Accounts Act of 2011

Introduced:
Mar 17, 2011 (112th Congress, 2011–2013)
Sponsor:
Rep. Cory Gardner [R-CO4]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as H.R. 774 on Feb 15, 2013. See H.R. 774 for current action on this subject.

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on March 17, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 17, 2011
Referred to Committee Mar 17, 2011
Cosponsors
8 cosponsors (8R) (show)
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Internal Revenue Code of 1986 to establish small business start-up savings accounts.

Summary

No summaries available.

Text

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Last updated Mar 17, 2011.
14 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

3/17/2011--Introduced.
Small Business Start-up Savings Accounts Act of 2011 - Amends the Internal Revenue Code to allow businesses with 500 or fewer employees to establish small business start-up savings accounts for the payment of certain business expenses, including the purchase of equipment or facilities, marketing, training, incorporation, and accounting fees.
Requires all distributions from such accounts for payment of business expenses to be completed within five years after the first account distribution.
Allows a tax deduction for contributions to a start-up savings account, limited to the lesser of:
(1) $10,000, or
(2) $150,000 reduced by the aggregate account contributions for all taxable years.
Excludes distributions from such accounts from gross income for income tax purposes.
Imposes an excise tax on excess contributions to and for nonqualified distributions from such accounts.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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