H.R. 2576 · 115th Congress
Incentivize Growth Now In Tomorrow's Entrepreneurs Act of 2017
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
SerranoSponsorNo cosponsors.
Incentivize Growth Now In Tomorrow's Entrepreneurs Act of 201 7
What it does: CRS summary · Introduced in House · May 19, 2017
Incentivize Growth Now In Tomorrow's Entrepreneurs Act of 2017
This bill amends the Internal Revenue Code to create tax-exempt small business start-up savings accounts to pay for the start-up expenses of a business that does not employ more than 50 full-time employees during a taxable year. Cash contributions to such accounts are allowed up to the lesser of $10,000 or the amount of compensation includible in the taxpayer's gross income for the taxable year.
(Start-up expenditures are paid or incurred in connection with: (1) investigating the creation or acquisition of an active trade or business; (2) creating an active trade or business; or (3) any activity engaged in for profit and for the production of income before the day on which the active trade or business begins, in anticipation of the activity becoming an active trade or business.)
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Incentivize Growth Now In Tomorrow's Entrepreneurs Act of 2017
Latest action (May 19, 2017): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: May 19, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.