H.R.774 - Small Business Start-up Savings Accounts Act of 2013

To amend the Internal Revenue Code of 1986 to establish small business start-up savings accounts. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to establish small business start-up savings accounts. as introduced.
  • Short: Small Business Start-up Savings Accounts Act of 2013 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
02/15/13
 
 
 
 
 
 
 

Sponsor

Representative

Cory Gardner

R-CO

View Co-Sponsors (10)

Official Summary

Small Business Start-up Savings Accounts Act of 2013 - Amends the Internal Revenue Code to allow businesses with 500 or fewer employees to establish small business start-up savings accounts for the payment of certain business expenses, including the purchase of equipment or facilities, mark

Official Summary

Small Business Start-up Savings Accounts Act of 2013 - Amends the Internal Revenue Code to allow businesses with 500 or fewer employees to establish small business start-up savings accounts for the payment of certain business expenses, including the purchase of equipment or facilities, marketing, training, incorporation, and accounting fees. Requires all distributions from such accounts for payment of business expenses to be completed within five years after the first account distribution. Allows a tax deduction for contributions to a start-up savings account, limited to the lesser of:
(1) $10,000, or
(2) $150,000 reduced by the aggregate account contributions for all taxable years. Excludes distributions from such accounts from gross income for income tax purposes. Imposes an excise tax on excess contributions to and for nonqualified distributions from such accounts.

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