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
KEVIN BRADY
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
Kelly (PA)
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
Smith (MO)
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
Estes
KS • R
Sponsored 9/17/2018
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov