About the bill
H.R. 6756 intends to make it easier and less costly for an entrepreneur to start a new business by providing for more deductions of start-up and organizational costs in the business’s first year and preserving start-up losses and start-up credits by exempting them from the limitations on use that otherwise could apply after an ownership change.
Specifically, the legislation consolidates the rules for start-up expenditures (section 195) and organizational expenditures (sections 248 and 709(b)) into a single provision, allowing the taxpayer to elect to deduct up to $20,000 of the aggregate amount of start-up and organizational expenditures in the taxable year that the business begins. This deduction is phased out to the extent that the start-up and organizational expenditures exceed $120,000.[1] Expenditures above the ...
Sponsor and status
115th Congress (2017–2019)
This bill was introduced in a previous session of Congress and was passed by the House on September 27, 2018 but was never passed by the Senate.
Position statements
What legislators are saying
“Reichert, House Pass Tax Reform 2.0”
—
Rep. David Reichert [R-WA8, 2005-2018]
(Co-sponsor)
on Sep 28, 2018
“Bishop Applauds House Passage of Tax Reform 2.0”
—
Rep. Mike Bishop [R-MI8, 2015-2018]
(Co-sponsor)
on Sep 28, 2018
“THIS WEEK IN CONGRESS - September 28, 2018”
—
Rep. Gregorio Sablan [D-MP0]
on Oct 1, 2018
More statements at ProPublica Represent...
What stakeholders are saying
History
H.R. 6756 (115th) was a bill in the United States Congress.
A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.
Bills numbers restart every two years. That means there are other bills with the number H.R. 6756. This is the one from the 115th Congress.
This bill was introduced in the 115th Congress, which met from Jan 3, 2017 to Jan 3, 2019. Legislation not enacted by the end of a Congress is cleared from the books.
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GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.
