arrow_back Back to App

Tax Relief for New Businesses and Credit Preservation

This act aims to simplify the process of starting and operating new businesses by streamlining initial expense deductions. It also introduces changes that help new companies retain tax credits and operating losses even after an ownership change, potentially supporting their growth and financial stability.
Key points
New businesses can immediately deduct up to $20,000 in start-up and organizational expenses, with the remainder spread over 180 months.
Deduction amounts will be adjusted annually for inflation, increasing their future value.
The act protects the ability of new businesses to use tax losses and credits even if ownership changes, which is crucial for their long-term survival.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_368
Sponsor: Rep. Buchanan, Vern [R-FL-16]
Process start date: 2023-01-13
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

American Innovation Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_368.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-01-13.

What are the main provisions?

Key points include:

  • New businesses can immediately deduct up to $20,000 in start-up and organizational expenses, with the remainder spread over 180 months.
  • Deduction amounts will be adjusted annually for inflation, increasing their future value.
  • The act protects the ability of new businesses to use tax losses and credits even if ownership changes, which is crucial for their long-term survival.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Buchanan, Vern [R-FL-16].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Taxes Economy