,i #aac? ,,congress #a/ ,session ,h4 ,r4 #acbc ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,m>* #ba1 #bjac ,ms4 ,sewell ( ,alabama 7= h]self1 ,mr4 ,cicill9e1 & ,ms4 ,br[n ( ,florida7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to e/abli% tax-pref]r$ ,small ,bus9ess ,/>t-up ,sav+s ,acc\nts4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,small ,bus9ess ,/>t-up ,sav+s ,acc\nts ,act ( #bjac4 #b4 ,e/abli%m5t ( ,small ,bus9ess ,/>t-up ,sav+s ,acc\nts 7a7 ,9 g5]al ,subp>t ,a ( "p ,i ( sub*apt] ,d ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] section #djh;,a ! foll[+ new section3 #djh;,b4 ,small ,bus9ess ,/>t-up ,sav+s ,acc\nts 7a7 ,g5]al rule ,except z provid$ 9 ?is section1 a ,small ,bus9ess ,/>t-up ,sav+s ,acc\nt %all be treat$ = purposes ( ?is title 9 ! same mann] z an individual retirem5t plan4 7b7 ,small bus9ess />t-,up sav+s acc\nt ,= purposes ( ?is title1 ! t]m ,small ,bus9ess ,/>t-up ,sav+s ,acc\nt means an individual retirem5t plan :i* is designat$ 79 su* mann] z ! ,secret>y may prescribe7 at ! "t ( e/abli%m5t ( ! plan z a ,small ,bus9ess ,/>t-up ,sav+s ,acc\nt4 7c7 ,treatm5t ( contributions 7#a7 ,no d$uction all[$ ,no d$uction %all be all[$ "u section #bai = a contribution to a ,small ,bus9ess ,/>t-up ,sav+s ,acc\nt4 7#b7 ,contribution limit 7,a7 ,9 g5]al ,! aggregate am\nt ( contributions = any taxable ye> to all ,small ,bus9ess ,/>t-up ,sav+s ,acc\nts ma9ta9$ = ! b5efit ( an individual %all n exce$ #aj1jjj4 7,b7 ,aggregate limitation ,! aggregate ( ! am\nt contributions = all taxable ye>s ) respect to all ,small ,bus9ess ,/>t-up ,sav+s ,acc\nts ma9ta9$ = ! b5efit ( an individual %all n exce$ #aej1jjj4 7,c7 ,co/ ( liv+ adju/m5t 7i7 ,9 g5]al ,9 ! case ( a taxable ye> beg9n+ aft] #bjad1 ! #aj1jjj am\nt 9 subp>agraph 7,a7 %all be increas$ by an am\nt equal to-- 7,i7 su* doll> am\nt1 multipli$ by 7,,ii7 ! co/-(-liv+ adju/m5t det]m9$ "u section #a7;f77#c7 = ! cal5d> ye> 9 :i* ! taxable ye> beg9s1 det]m9$ by sub/itut+ cal5d> ye> #bjac = cal5d> ye> #aiib 9 subp>agraph 7,b7 !re(4 7ii7 ,r\nd+ ,if any am\nt z adju/$ "u clause 7i7 is n a multiple ( #ejj1 su* am\nt %all be r\nd$ to ! next l[e/ multiple ( #ejj4 7#c7 ,contributions p]mitt$ aft] age #gj ,contributions to a ,small ,bus9ess ,/>t-up ,sav+s ,acc\nt may be made ev5 aft] ! individual = :om ! acc\nt is ma9ta9$ has atta9$ age #gj4 7#d7 ,rollov]s f retirem5t plans n all[$ ,a taxpay] %all n be all[$ to make a qualifi$ rollov] contribution to a ,small ,bus9ess ,/>t-up ,sav+s ,acc\nt f any eligible retirem5t plan 7z def9$ 9 section #djb7;c77#h77;,b771 except z may be provid$ by ! ,secret>y 9 ! case ( a rollov] f ano!r ,small ,bus9ess ,/>t-up ,sav+s ,acc\nt4 7#e7 ,income bas$ on modifi$ adju/$ gross income 7,a7 ,9 g5]al ,9 ! case ( a taxable ye> 9 :i* ! taxpay]'s adju/$ gross income exce$s #aej1jjj 7#cjj1jjj 9 ! case ( a jo9t return71 ! doll> am\nt 9 effect = su* taxable ye> "u subsection 7c77#b7 %all be r$uc$ 7b n bel[ z]o7 by ! am\nt det]m9$ "u subp>agraph 7,b74 7,b7 ,am\nt ( r$uction ,! am\nt det]m9$ "u ?is subp>agraph %all be ! am\nt :i* be>s ! same ratio to su* limitation z-- 7i7 ! excess (-- 7,i7 ! taxpay]'s adju/$ gross income = su* taxable ye>1 ov] 7,,ii7 #aej1jjj 7#cjj1jjj 9 ! case ( a jo9t return71 be>s to 7ii7 #be1jjj4 7,c7 ,modifi$ adju/$ gross income ,! t]m modifi$ adju/$ gross income means ! adju/$ gross income ( ! taxpay] = ! taxable ye> increas$ by any am\nt exclud$ f gross income "u section #iaa1 #ica1 or #icc4 7d7 ,treatm5t ( di/ributions 7#a7 ,tax treatm5t 7,a7 ,exclusion ( qualifi$ di/ributions ,any qualifi$ di/ribution f a ,small ,bus9ess ,/>t-up ,sav+s ,acc\nt %all n be includible 9 gross income4 7,b7 ,inclusion ( o!r di/ributions ,di/ributions f a ,small ,bus9ess ,/>t-up ,sav+s ,acc\nt :i* is n a qualifi$ di/ribution %all be includ$ 9 gross income &1 = purposes ( section #a1 treat$ z a net capital ga94 7#b7 ,qualifi$ di/ribution ,= purposes ( ?is subsection1 ! t]m qualifi$ di/ribution means1 ) respect to any taxable ye>1 any paym5t or di/ribution f a ,small ,bus9ess ,/>t-up ,sav+s ,acc\nt-- 7,a7 to ! ext5t ! am\nt ( su* paym5t or di/ribution does n exce$ ! sum (-- 7i7 ! aggregate am\nts paid or incurr$ by ! taxpay] = su* taxable ye> ) respect to a trade or bus9ess = ! pur*ase ( equipm5t or facilities1 m>ket+1 tra9+1 incorporation1 & acc\nt+ fees1 & 7ii7 ! aggregate capital contributions ( ! taxpay] ) respect to a trade or bus9ess = ! taxable ye> 7b only to ! ext5t su* am\nts are us$ 9 su* trade or bus9ess = purposes describ$ 9 clause 7i771 & 7,b7 :i*1 9 ! case ( a paym5t or di/ribution subsequ5t to ! fir/ paym5t or di/ribution f su* acc\nt 7or any pr$ecessor to su* acc\nt7-- 7i7 is made n lat] ?an ! close ( ! #e? taxable ye> beg9n+ aft] ! date ( su* fir/ paym5t or di/ribution1 & 7ii7 is made ) respect to ! same trade or bus9ess ) respect to :i* su* fir/ paym5t or di/ribution 0 made4 7#c7 ,treatm5t aft] dea? ( acc\nt b5efici>y ,if1 by reason ( ! dea? ( ! acc\nt b5efici>y1 any p]son acquires ! acc\nt b5efici>y's int]e/ 9 a ,small ,bus9ess ,/>t-up ,sav+s ,acc\nt-- 7,a7 su* acc\nt %all cease to be a ,small ,bus9ess ,/>t-up ,sav+s ,acc\nt z ( ! date ( dea?1 & 7,b7 an am\nt equal to ! fair m>ket value ( ! assets 9 su* acc\nt on su* date %all be includible-- 7i7 9 ! case ( a p]son :o is n ! e/ate ( su* b5efici>y1 9 su* p]son's gross income = ! taxable ye> :i* includes su* date1 or 7ii7 9 ! case ( a p]son :o is ! e/ate ( su* b5efici>y1 9 su* b5efici>y's gross income = ! la/ taxable ye> ( su* b5efici>y4 7,c7 ,special rules 7i7 ,r$uction ( inclusion = pr$ea? exp5ses ,! am\nt includible 9 gross income "u subp>agraph 7,b7 %all be r$uc$ by ! am\nts describ$ 9 p>agraph 7#b7 :i* 7 incurr$ by ! dec$5t be=e ! date ( ! dec$5t's dea? & paid by su* p]son )9 #a ye> aft] su* date4 7ii7 ,d$uction = e/ate taxes ,an appropriate d$uction %all be all[$ "u section #fia7;c7 to any p]son 7o!r ?an ! dec$5t7 ) respect to am\nts includ$ 9 gross income "u clause 7i7 by su* p]son4 7#d7 ,m&atory di/ribution rules n to apply ,section #dja7;a77#i77;,a7 & ! incid5tal dea? b5efit requirem5ts ( section #dja7;a7 %all n apply to any ,small ,bus9ess ,/>t-up ,sav+s ,acc\nt4 4 7b7 ,excess contributions ,section #digc ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subsection3 7h7 ,excess contributions to small bus9ess />t-,up sav+s acc\nts ,= purposes ( ?is section1 9 ! case ( contributions to all ,small ,bus9ess ,/>t-up ,sav+s ,acc\nts 7)9 ! mean+ ( section #djh;,b7b77 ma9ta9$ = ! b5efit ( an individual1 ! t]m excess contributions means ! sum (-- 7#a7 ! excess 7if any7 (-- 7,a7 ! am\nt contribut$ to su* acc\nts = ! taxable ye>1 ov] 7,b7 ! am\nt all[able z a contribution "u section #djh;,b7c77#b77;,a7 = su* taxable ye>1 & 7#b7 ! am\nt det]m9$ "u ?is subsection = ! prec$+ taxable ye>1 r$uc$ by ! sum (-- 7,a7 ! di/ributions out ( ! acc\nts = ! taxable ye>1 & 7,b7 ! excess 7if any7 (-- 7i7 ! maximum am\nt all[able z a contribution "u section #djh;,b7c77#b77;,a7 = su* taxable ye>1 ov] 7ii7 ! am\nt contribut$ to su* acc\nts = su* taxable ye>1 & 7#c7 ! excess 7if any7 (-- 7,a7 ! excess 7if any7 (-- 7i7 ! aggregate am\nts contribut$ to su* acc\nts = all taxable ye>s1 ov] 7ii7 ! aggregate am\nt all[able z contributions "u section #djh;,b7c77#b77;,b7 = all taxable ye>s1 ov] 7,b7 ! am\nt det]m9$ "u ?is p>agraph = all prec$+ taxable ye>s4 4 7c7 ,con=m+ am5dm5t ,! table ( sections = subp>t ,a ( "p ,i ( sub*apt] ,d ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] ! item relat+ to section #djh;,a ! foll[+ new item3 ,sec4 #djh;,b4 ,small ,bus9ess ,/>t-up ,sav+s ,acc\nts4 4 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjac4