H.R. 1180 · 112th Congress
Small Business Start-up Savings Accounts Act of 2011
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
GardnerSponsor8 cosponsors · 8 R
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Small Business Start-up Savings Accounts Act of 2011 - 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.
What it does: CRS summary · Introduced in House · Mar 17, 2011
Small Business Start-up Savings Accounts Act of 2011 - 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Small Business Start-up Savings Accounts Act of 2011
Latest action (Mar 17, 2011): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Mar 17, 2011
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.