US Congress Senate Bill 3136 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on December 19 2019 - 25% progression, died in committee
Action: 2019-12-19 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

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.

Small Business Start-up Savings Accounts Act of 2019

Sen. Cory Gardner [R-CO]

Sen. Gary Peters [D-MI]

Date	Chamber	Action
2019-12-19	Senate	Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/3136/all-info
Text	https://www.congress.gov/116/bills/s3136/BILLS-116s3136is.pdf