S. 3136 · 116th Congress
Small Business Start-up Savings Accounts Act of 2019
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
GardnerSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill allows an individual or eligible small business (500 or fewer employees) to establish a small business start-up savings account. The taxpayer may deduct contributions to such start-up accounts in the amount of $10,000, or $150,000, reduced by aggregate contributions for all taxable years, whichever is the lesser amount.
What it does: CRS summary · Introduced in Senate · Dec 19, 2019
Small Business Start-up Savings Accounts Act of 2019
This bill allows an individual or eligible small business (500 or fewer employees) to establish a small business start-up savings account. The taxpayer may deduct contributions to such start-up accounts in the amount of $10,000, or $150,000, reduced by aggregate contributions for all taxable years, whichever is the lesser amount. Qualified distributions (e.g, for purchase of equipment, marketing, training, or accounting fees) from such accounts are excluded from gross income, for income tax purposes.
The bill also imposes penalty taxes on excess contributions to a small business start-up savings account and for nonqualified distributions from such an account.
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 2019
Latest action (Dec 19, 2019): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Dec 19, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.