GovTrack’s Bill Summary
We don’t have a summary available yet.
Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
Small Business Start-up Savings Accounts Act of 2013 - 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
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.