American Innovation Act of 2018
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Sep 10, 2018)
American Innovation Act of 2018
This bill consolidates and expands the existing tax deductions for start-up expenditures and organizational expenditures of taxpayers beginning an active trade or business.
For the year in which an active trade or business begins, the bill allows a single deduction equal to the lesser of (1) the aggregate amount of start-up and organizational expenditures paid or incurred in connection with the active trade or business, or (2) $20,000, reduced (but not below zero) by the amount by which the aggregate amount exceeds $120,000. The $20,000 and $120,000 limits must be adjusted for inflation after 2019.
The bill also allows a start-up business to use net operating loss carryforwards, net operating losses, and unused general business tax credits after an ownership change without being subject to certain limitations required under current law.
What just happenedSep 28, 2018
Received in the Senate and Read twice and referred to the Committee on Finance.
Who’s behind it
- Referred in SenateSep 28, 2018
- Engrossed in HouseSep 27, 2018
- Reported in HouseSep 24, 2018
- Introduced in HouseSep 10, 2018
- Sep 28, 2018IntroReferral
Received in the Senate and Read twice and referred to the Committee on Finance.
Finance Committee - Sep 27, 2018FloorH38310
Motion to reconsider laid on the table Agreed to without objection.
- Sep 27, 2018FloorH37100
On passage Passed by the Yeas and Nays: 260 - 156 (Roll no. 412). (text: CR H9113-9114)
- Sep 27, 2018Floor8000
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 260 - 156 (Roll no. 412).(text: CR H9113-9114)
- Sep 27, 2018FloorH30000
Considered as unfinished business. (consideration: CR H9134-9135)
- Sep 27, 2018FloorH8D000
POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 6756, the Chair put the question on passage of the bill, and announced that the ayes prevailed by voice vote. Mr. Buchanan demanded the Yeas and Nays, and the Chair postponed further proceedings on the question of passage on H.R. 6756 until later in the legislative day.
- Sep 27, 2018FloorH35000
The previous question was ordered pursuant to the rule.
- Sep 27, 2018FloorH8D000
DEBATE - The House proceeded with one hour of debate on H.R. 6756.
- Sep 27, 2018FloorH8D000
Rule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760.
- Sep 27, 2018FloorH30000
Considered under the provisions of rule H. Res. 1084. (consideration: CR H9113-9118)
- Sep 26, 2018FloorH1L210
Rules Committee Resolution H. Res. 1084 Reported to House. Rule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760.
- Sep 24, 2018CalendarsH12410
Placed on the Union Calendar, Calendar No. 745.
- Sep 24, 2018CommitteeH12200
Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-957.
Ways and Means Committee - Sep 24, 2018Committee5000
Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-957.
Ways and Means Committee - Sep 13, 2018Committee
Ordered to be Reported in the Nature of a Substitute by Voice Vote.
Ways and Means Committee - Sep 13, 2018Committee
Committee Consideration and Mark-up Session Held.
Ways and Means Committee - Sep 10, 2018IntroReferralH11100
Referred to the House Committee on Ways and Means.
Ways and Means Committee - Sep 10, 2018IntroReferralIntro-H
Introduced in House
- Sep 10, 2018IntroReferral1000
Introduced in House