US Congress Senate Bill 2724 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on July 31 2014 - 25% progression, died in committee
Action: 2014-07-31 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

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.

Incentivize Growth Now In Tomorrow's Entrepreneurs Act of 2014

Sen. Tom Udall [D-NM]

Date	Chamber	Action
2014-07-31	Senate	Read twice and referred to the Committee on Finance.

HB2558 (Related) 2013-06-27 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/senate-bill/2724/all-info
Text	https://www.congress.gov/113/bills/s2724/BILLS-113s2724is.pdf