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- H.R.7503
H.R.7503: American Innovation Act of 2022
About This Bill
- Introduced April 14, 2022
- Latest Major Action April 14, 2022
- See the three similar bills introduced in other congresses.
Bill Sponsor
Bill Cosponsors
3 (All Republicans)
Bill Version
- Introduced in House - April 14, 2022
Bill Summary
American Innovation Act of 2022 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...
(Source: Library of Congress)
Bill Actions
| Date | Description |
|---|---|
| April 14, 2022 |
Referred to the House Committee on Ways and Means.
|
| April 14, 2022 |
Introduced in the House by Vern Buchanan (R-Fla.) |