S.2724 - Incentivize Growth Now In Tomorrow's Entrepreneurs Act of 2014

A bill to amend the Internal Revenue Code of 1986 to provide for the tax treatment of small business start-up savings accounts. view all titles (2)

All Bill Titles

  • Short: Incentivize Growth Now In Tomorrow's Entrepreneurs Act of 2014 as introduced.
  • Official: A bill to amend the Internal Revenue Code of 1986 to provide for the tax treatment of small business start-up savings accounts. as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
07/31/14
 
 
 
 
 
 
 

Official Summary

Incentivize Growth Now In Tomorrow's Entrepreneurs Act of 2014 - Amends the Internal Revenue Code to establish tax-exempt small business start-up accounts to allow businesses that employ 50 or fewer full-time employees to make distributions for operating capital, the purchase of equipm

Official Summary

Incentivize Growth Now In Tomorrow's Entrepreneurs Act of 2014 - Amends the Internal Revenue Code to establish tax-exempt small business start-up accounts to allow businesses that employ 50 or fewer full-time employees to make distributions for operating capital, the purchase of equipment or facilities, marketing, training, incorporation, and accounting fees. Allows a tax deduction from gross income for contributions to such accounts, limited by the taxpayer's adjusted gross income. Limits the annual amount that may be contributed to such accounts to the lesser of $10,000, or the compensation that is includible in the taxpayer's gross income. Sets forth reporting requirements for the trustee of a small business start-up account. Makes the tax penalties for prohibited transactions and excess contributions applicable to such accounts.

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