GovTrack’s Bill Summary
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H.R. 774: Small Business Start-up Savings Accounts Act of 2013
- Introduced:
- Feb 15, 2013 (113th Congress, 2013–2015)
- Sponsor:
- Rep. Cory Gardner [R-CO4]
- Status:
- Referred to Committee
The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.
- Full Title
To amend the Internal Revenue Code of 1986 to establish small business start-up savings accounts.
- Summary
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No summaries available.
- Text
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Last updated Feb 15, 2013.
14 pages
- Primary Source
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View on THOMAS (The Library of Congress)
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- Citation
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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.
2/15/2013--Introduced.
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
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