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115-hr-6756115th Congress

American Innovation Act of 2018

Sponsored By: Representative Buchanan, Vern [R-FL-16]

Unknown

Summary

American Innovation Act of 2018 This bill consolidates and expands the existing tax deductions for start-up expenditures and organizational expenditures of taxpayers beginning an active trade or business. For the year in which an active trade or business begins, the bill allows a single deduction equal to the lesser of (1) the aggregate amount of start-up and organizational expenditures paid or incurred in connection with the active trade or business, or (2) $20,000, reduced (but not below zero) by the amount by which the aggregate amount exceeds $120,000. The $20,000 and $120,000 limits must be adjusted for inflation after 2019. The bill also allows a start-up business to use net operating loss carryforwards, net operating losses, and unused general business tax credits after an ownership change without being subject to certain limitations required under current law.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & CoSponsors

Sponsor

Buchanan, Vern [R-FL-16]

FL • R

Cosponsors

  • Rep. Brady, Kevin [R-TX-8]

    TX • R

    Sponsored 9/10/2018

  • SAM JOHNSON

    TX • R

    Sponsored 9/10/2018

  • Rep. Nunes, Devin [R-CA-22]

    CA • R

    Sponsored 9/10/2018

  • Rep. Reichert, David G. [R-WA-8]

    WA • R

    Sponsored 9/10/2018

  • Rep. Roskam, Peter J. [R-IL-6]

    IL • R

    Sponsored 9/10/2018

  • Rep. Smith, Adrian [R-NE-3]

    NE • R

    Sponsored 9/10/2018

  • Rep. Jenkins, Lynn [R-KS-2]

    KS • R

    Sponsored 9/10/2018

  • Rep. Paulsen, Erik [R-MN-3]

    MN • R

    Sponsored 9/10/2018

  • Rep. Marchant, Kenny [R-TX-24]

    TX • R

    Sponsored 9/10/2018

  • Rep. Black, Diane [R-TN-6]

    TN • R

    Sponsored 9/10/2018

  • Rep. Reed, Tom [R-NY-23]

    NY • R

    Sponsored 9/10/2018

  • Rep. Renacci, James B. [R-OH-16]

    OH • R

    Sponsored 9/10/2018

  • Rep. Kelly, Mike [R-PA-16]

    PA • R

    Sponsored 9/10/2018

  • Rep. Noem, Kristi L. [R-SD-At Large]

    SD • R

    Sponsored 9/10/2018

  • Rep. Holding, George [R-NC-2]

    NC • R

    Sponsored 9/10/2018

  • Rep. Smith, Jason [R-MO-8]

    MO • R

    Sponsored 9/10/2018

  • Rep. Rice, Tom [R-SC-7]

    SC • R

    Sponsored 9/10/2018

  • Rep. Schweikert, David [R-AZ-1]

    AZ • R

    Sponsored 9/10/2018

  • Rep. Walorski, Jackie [R-IN-2]

    IN • R

    Sponsored 9/10/2018

  • Rep. Curbelo, Carlos [R-FL-26]

    FL • R

    Sponsored 9/10/2018

  • Rep. Bishop, Mike [R-MI-8]

    MI • R

    Sponsored 9/10/2018

  • Rep. LaHood, Darin [R-IL-16]

    IL • R

    Sponsored 9/10/2018

  • Rep. Wenstrup, Brad R. [R-OH-2]

    OH • R

    Sponsored 9/10/2018

  • Sen. Blackburn, Marsha [R-TN]

    TN • R

    Sponsored 9/17/2018

  • Rep. Mitchell, Paul [R-MI-10]

    MI • R

    Sponsored 9/17/2018

  • Rep. Estes, Ron [R-KS-4]

    KS • R

    Sponsored 9/17/2018

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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