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Bill PDFBillno should always have and extension i.e. h1.ih

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Congressional Record References

Bill Summary & Status

HR 1552 IH

To amend the Internal Revenue Code of 1986 to increase the amount allowed as a deduction for start-up expenditures.

March 17, 2009

Mr. KRATOVIL (for himself and Mr. LEE of New York) introduced the following bill; which was referred to the Committee on Ways and Means

To amend the Internal Revenue Code of 1986 to increase the amount allowed as a deduction for start-up expenditures.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. INCREASE IN AMOUNT ALLOWED AS DEDUCTION FOR START-UP EXPENDITURES.

(a) In General- Subsection (b) of section 195 of the Internal Revenue Code of 1986 is amended by adding at the end the following:

`(3) SPECIAL RULE FOR TAXABLE YEARS BEGINNING IN 2009, 2010, OR 2011- In the case of a taxable year beginning in 2009, 2010, or 2011, paragraph (1)(A)(ii) shall be applied--

`(A) by substituting `$20,000' for `$5,000', and

`(B) by substituting `$75,000' for `$50,000'.'.

(b) Effective Date- The amendments made by this section shall apply to amounts paid or incurred in taxable years beginning after the date of the enactment of this Act.