United States · Bill · HR
H.R. 7505 (116th)
American Innovation Act of 2020
Introduced
9 July 2020
Last action
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Status
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Sponsors
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Subjects
Discovery layer
Source updated
7 April 2025
Summary
American Innovation Act of 2020 This bill revises the tax treatment of business start-up or organizational expenditures. Specifically, it allows an election to deduct such expenditures in an amount equal to the lesser of the aggregate amount of such expenditures incurred by an active trade of business or $20,000, reduced by the amount by which such aggregate amount exceeds $120,000. The remaining amount of such expenditures shall be amortized over the 180 month period after the trade or business begins. The bill also revises the tax treatment of partnership syndication fees and start-up net operating losses and tax credits after an ownership change.
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Documents
3 official files
Introduced in House (text)
Introduced in House (text)
Introduced in House · EN · 9 July 2020
Introduced in House (PDF)
Introduced in House · EN · 9 July 2020
Introduced in House
summary · EN · 9 July 2020
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Sources
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- Official source: https://www.congress.gov/bill/116th-congress/house-bill/7505
- Open data entity: https://api.congress.gov/v3/bill/116/hr/7505