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H.R. 111 (115th): Support Our Start-Ups Act

We don’t have a summary available yet.

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jan 3, 2017.

Support Our Start-Ups Act

This bill amends the Internal Revenue Code to extend the tax deduction for new business expenditures to organizational expenditures, generally defined as expenditures incident to the creation of a corporation or a partnership.

The bill also increases the maximum deduction amount for start-up and organizational expenditures from $5,000 to $20,000 and increases from $50,000 to $120,000 the threshold amount after which the maximum deduction amount for such expenditures is reduced.