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.
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2018-09-28 | IntroReferral | Received in the Senate and Read twice and referred to the Committee on Finance. | Senate |
| 2018-09-27 | Floor | Motion to reconsider laid on the table Agreed to without objection. | House floor actions |
| 2018-09-27 | Vote | On passage Passed by the Yeas and Nays: 260 - 156 (Roll no. 412). (text: CR H9113-9114) | House floor actions |
| 2018-09-27 | Floor | Considered as unfinished business. (consideration: CR H9134-9135) | House floor actions |
| 2018-09-27 | Floor | POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 6756, the Chair put the question on passage of the bill, and announced that the ayes prevailed by voice vote. Mr. Buchanan demanded the Yeas and Nays, and the Chair postponed further proceedings on the question of passage on H.R. 6756 until later in the legislative day. | House floor actions |
| 2018-09-27 | Floor | The previous question was ordered pursuant to the rule. | House floor actions |
| 2018-09-27 | Floor | DEBATE - The House proceeded with one hour of debate on H.R. 6756. | House floor actions |
| 2018-09-27 | Floor | Rule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760. | House floor actions |
| 2018-09-27 | Floor | Considered under the provisions of rule H. Res. 1084. (consideration: CR H9113-9118) | House floor actions |
| 2018-09-26 | Floor | Rules Committee Resolution H. Res. 1084 Reported to House. Rule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760. | House floor actions |
| 2018-09-24 | Calendars | Placed on the Union Calendar, Calendar No. 745. | House floor actions |
| 2018-09-24 | Committee | Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-957. | House floor actions |
| 2018-09-13 | Committee | Ordered to be Reported in the Nature of a Substitute by Voice Vote. | House committee actions |
| 2018-09-13 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2018-09-10 | IntroReferral | Referred to the House Committee on Ways and Means. | House floor actions |
| 2018-09-10 | IntroReferral | Introduced in House | Library of Congress |