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United States · Bill · S

S. 3136 (116th)

Small Business Start-up Savings Accounts Act of 2019

referredUnited States· United States Congress· EN

Introduced

19 December 2019

Last action

19 December 2019 · Introduced

Status

Read twice and referred to the Committee on Finance.

Sponsors

Sen. Gardner, Cory [R-CO], Sen. Peters, Gary C. [D-MI]

Subjects

Taxation

Source updated

3 January 2025

Taxation

Official sourceDownload fileView documentsShare

Summary

Small Business Start-up Savings Accounts Act of 2019 This bill allows an individual or eligible small business (500 or fewer employees) to establish a small business start-up savings account. The taxpayer may deduct contributions to such start-up accounts in the amount of $10,000, or $150,000, reduced by aggregate contributions for all taxable years, whichever is the lesser amount. Qualified distributions (e.g, for purchase of equipment, marketing, training, or accounting fees) from such accounts are excluded from gross income, for income tax purposes. The bill also imposes penalty taxes on excess contributions to a small business start-up savings account and for nonqualified distributions from such an account.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 19 December 2019

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 19 December 2019

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 19 December 2019

    ViewDownloadOpen at official source

  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 19 December 2019

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 19 December 2019

    Open at official source

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Sponsors

Related records

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Sources

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