American Innovation Act of 2018

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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Timeline

1. 10 September 2018

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 10 September 2018

   Introduced

   Introduced in House

   Source: IntroReferral

3. 10 September 2018

   Introduced

   Introduced in House

   Source: IntroReferral

4. 13 September 2018

   Reported

   Ordered to be Reported in the Nature of a Substitute by Voice Vote.

   Source: Committee

5. 13 September 2018

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

6. 24 September 2018

   Calendars

   Placed on the Union Calendar, Calendar No. 745.

   Source: Calendars

7. 24 September 2018

   Reported

   Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-957.

   Source: Committee

8. 24 September 2018

   Reported

   Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-957.

   Source: Committee

9. 26 September 2018

   Reported

   Rules Committee Resolution H. Res. 1084 Reported to House. Rule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760.

   Source: Floor

10. 27 September 2018

    Floor

    Considered under the provisions of rule H. Res. 1084. (consideration: CR H9113-9118)

    Source: Floor

11. 27 September 2018

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

12. 27 September 2018

    Vote

    On passage Passed by the Yeas and Nays: 260 - 156 (Roll no. 412). (text: CR H9113-9114)

    Source: Floor

13. 27 September 2018

    Vote

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 260 - 156 (Roll no. 412).(text: CR H9113-9114)

    Source: Floor

14. 27 September 2018

    Floor

    The previous question was ordered pursuant to the rule.

    Source: Floor

15. 27 September 2018

    Floor

    Rule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760.

    Source: Floor

16. 28 September 2018

    Introduced

    Received in the Senate and Read twice and referred to the Committee on Finance.

    Source: IntroReferral

Votes

Versions

• Referred in Senate · 28 September 2018 · Download file
• Engrossed in House · 27 September 2018 · Download file
• Reported in House · 24 September 2018 · Download file
• Introduced in House · 10 September 2018 · Download file

Documents

9 official files

• Referred in Senate (text)

  Referred in Senate · EN · 28 September 2018

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• Referred in Senate (PDF)

  Referred in Senate · EN · 28 September 2018

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• Engrossed in House (text)

  Engrossed in House · EN · 27 September 2018

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• Engrossed in House (PDF)

  Engrossed in House · EN · 27 September 2018

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  Vertaal document

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• Reported in House (text)

  Reported in House · EN · 24 September 2018

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  Vertaal document

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• Reported in House (PDF)

  Reported in House · EN · 24 September 2018

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  Vertaal document

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• Introduced in House (text)

  Introduced in House · EN · 10 September 2018

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  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in House (PDF)

  Introduced in House · EN · 10 September 2018

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• Introduced in House

  summary · EN · 10 September 2018

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Sponsors

• Rep. Buchanan, Vern [R-FL-16] · R · Sponsor
• Rep. Brady, Kevin [R-TX-8] · R · Sponsor
• Rep. Johnson, Sam [R-TX-3] · R · Sponsor
• Rep. Nunes, Devin [R-CA-22] · R · Sponsor
• Rep. Reichert, David G. [R-WA-8] · R · Sponsor
• Rep. Roskam, Peter J. [R-IL-6] · R · Sponsor
• Rep. Smith, Adrian [R-NE-3] · R · Sponsor
• Rep. Jenkins, Lynn [R-KS-2] · R · Sponsor
• Rep. Paulsen, Erik [R-MN-3] · R · Sponsor
• Rep. Marchant, Kenny [R-TX-24] · R · Sponsor
• Rep. Black, Diane [R-TN-6] · R · Sponsor
• Rep. Reed, Tom [R-NY-23] · R · Sponsor
• James Renacci · R · Sponsor
• Rep. Kelly, Mike [R-PA-16] · R · Sponsor
• Rep. Noem, Kristi L. [R-SD-At Large] · R · Sponsor
• Rep. Holding, George [R-NC-2] · R · Sponsor
• Rep. Smith, Jason [R-MO-8] · R · Sponsor
• Rep. Rice, Tom [R-SC-7] · R · Sponsor
• Rep. Schweikert, David [R-AZ-1] · R · Sponsor
• Rep. Walorski, Jackie [R-IN-2] · R · Sponsor
• Carlos Curbelo · R · Sponsor
• Rep. Bishop, Mike [R-MI-8] · R · Sponsor
• Rep. LaHood, Darin [R-IL-16] · R · Sponsor
• Rep. Wenstrup, Brad R. [R-OH-2] · R · Sponsor
• Sen. Blackburn, Marsha [R-TN] · R · Cosponsor
• Rep. Mitchell, Paul [R-MI-10] · R · Cosponsor
• Rep. Estes, Ron [R-KS-4] · R · Cosponsor
• · ssfi00 · Standing
• · hswm00 · Standing

Related records

• related to → Support Our Start-Ups Act
• related to → Support Our Start-Ups Act
• related to → American Innovation Act of 2020
• related to ← Providing for consideration of the bill (H.R. 6756) to amend the Internal Revenue Code of 1986 to promote new business innovation, and for other purposes; providing for consideration of the bill (H.R. 6757) to amend the Internal Revenue Code of 1986 to encourage retirement and family savings, and for other purposes; providing for consideration of the bill (H.R. 6760) to amend the Internal Revenue Code of 1986 to make permanent certain provisions of the Tax Cuts and Jobs Act affecting individuals, families, and small businesses; and providing for proceedings during the period from October 1, 2018, through November 12, 2018.
• amends ← Pursuant to the provisions of H.Res. 1084, the amendment in the nature of a substitute, modified by the amendment printed in Part A is considered adopted.