Small Business Start-up Savings Accounts Act of 2011

Summary

Small Business Start-up Savings Accounts Act of 2011 - Amends the Internal Revenue Code to allow businesses with 500 or fewer employees to establish small business start-up savings accounts for the payment of certain business expenses, including the purchase of equipment or facilities, marketing, training, incorporation, and accounting fees. Requires all distributions from such accounts for payment of business expenses to be completed within five years after the first account distribution. Allows a tax deduction for contributions to a start-up savings account, limited to the lesser of: (1) $10,000, or (2) $150,000 reduced by the aggregate account contributions for all taxable years. Excludes distributions from such accounts from gross income for income tax purposes. Imposes an excise tax on excess contributions to and for nonqualified distributions from such accounts.

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Timeline

1. 17 March 2011

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 17 March 2011

   Introduced

   Introduced in House

   Source: IntroReferral

3. 17 March 2011

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 17 March 2011 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 17 March 2011

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 17 March 2011

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 17 March 2011

  Open at official source

Sponsors

• Sen. Gardner, Cory [R-CO] · R · Sponsor
• Rep. Paul, Ron [R-TX-22] · R · Sponsor
• Rep. Pitts, Joseph R. [R-PA-16] · R · Sponsor
• Stevan Pearce · R · Sponsor
• Mike Coffman · R · Sponsor
• Doug Lamborn · R · Cosponsor
• Rep. Mack, Connie [R-FL-14] · R · Cosponsor
• Rob Bishop · R · Cosponsor
• Billy Long · R · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Small Business Start-up Savings Accounts Act of 2011