Section 1 Short title
This Act may be cited as the “Promote Startups Act of 2017”.
Promote Startups Act of 2017
A BILL
To amend the Internal Revenue Code of 1986 to permanently increase the limitations on the deduction for start-up and organizational expenditures.
Sec. 2 Permanent increase of limitation on deduction for start-up and organizational expenditures
Start-Up expenditures—
by striking “$5,000” and inserting “$15,000”, and
by striking “$50,000” and inserting “$150,000”.
Conforming amendment— Section 195(b) of such Code is amended by striking paragraph (3).
Organizational expenditures— Section 248(a)(1)(B) of such Code is amended—
by striking “$5,000” and inserting “$10,000”, and
by striking “$50,000” and inserting “$60,000”.
Effective date— The amendments made by this section shall apply to amounts paid or incurred with respect to—
in the case of the amendments made by subsection (a), trades or businesses beginning in taxable years beginning after December 31, 2016, and
in the case of the amendments made by subsection (b), corporations the business of which begins in taxable years beginning after such date.