Proposal:American Innovation Act of 2023

This proposal is archived and closed to further debate. It was introduced in the 118th Congress, which has concluded, and the bill was not enacted into law.

Bill	HR 368
Type of Legislation	House Bill
Congress	118
Status	Archived — 118th Congress concluded
Source	View original on Congress.gov

Geographic Scope

National

Description

American Innovation Act of 2023

This bill revises the tax treatment of business start-up or organizational expenditures. Specifically, it allows an election to deduct such expenditures in an amount equal to the lesser of the aggregate amount of such expenditures incurred by an active trade of business, or $20,000, reduced by the amount by which such aggregate amount exceeds $120,000. The remaining amount of such expenditures shall be amortized over the 180 month period after the trade or business begins.

The bill also revises the tax treatment of partnership syndication fees and start-up net operating losses and tax credits after an ownership change.

Bill Title

American Innovation Act of 2023

Linked Goals

• Goal:Promote General Welfare

Steps

• 2023-01-13: Referred to the House Committee on Ways and Means.
• 2023-01-13: Introduced in House
• 2023-01-13: Introduced in House

Projected Outcome

A more informed proposal or public response aligned with the Promote General Welfare goal.