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. Expenditures above the ...
Sponsor and status
Sponsor. Representative for Florida's 16th congressional district. Republican.
Last Updated: Sep 28, 2018
Length: 16 pages
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.
What legislators are saying
What stakeholders are saying
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.us. (2020). H.R. 6756 — 115th Congress: American Innovation Act of 2018. Retrieved from https://www.govtrack.us/congress/bills/115/hr6756
“H.R. 6756 — 115th Congress: American Innovation Act of 2018.” www.GovTrack.us. 2018. July 9, 2020 <https://www.govtrack.us/congress/bills/115/hr6756>
American Innovation Act of 2018, H.R. 6756, 115th Cong..
|title=H.R. 6756 (115th)
|accessdate=July 9, 2020
|author=115th Congress (2018)
|date=September 10, 2018
|quote=American Innovation Act of 2018
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