A bill to amend the Internal Revenue Code of 1954 to provide for the amortization of start-up expenditures paid or incurred in starting a new trade or business.

Summary

Amends the Internal Revenue Code to permit a taxpayer election to amortize, on the basis of 60 months, business start-up expenditures incurred prior to the commencement of such business on an ongoing basis. Defines "start-up expenditures" as expenditures which are incurred in the investigation, formation, and creation of a trade or business, are chargeable to capital account, and are of a character which, if expended incident to the investigation, formation, and creation of a trade or business having a determinable life, would be amortized over such life.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 2 August 1979

  Open at official source

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