,,ii #aaf? ,,congress #a/ ,session ,s4 #bhda ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,novemb] #ac1 #bjai,ms4 ,baldw9 7= h]self & ,mr4 ,hoev57 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to increase ! limitations = d$uctible new bus9ess exp5ditures & to consolidate provisions = />t-up & organizational exp5ditures4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,support ,our ,/>t-,ups ,act4 #b4 ,new bus9ess exp5ditures 7a7 ,9 g5]al ,subsections 7a7 & 7b7 ( section #aie ( ! ,int]nal ,rev5ue ,code ( #aihf are bo? am5d$ by ins]t+ & organizational aft] />t-up ea* place x appe>s4 7b7 ,organizational exp5ditures ,subsection 7c7 ( section #aie ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#c7 ,organizational exp5ditures ,! t]m organizational exp5ditures means any exp5diture :i*-- 7,a7 is incid5t to ! creation ( a corporation1 ,s corporation1 or p>tn]%ip1 7,b7 is *>geable to capital acc\nt1 & 7,c7 is ( a "* :i*1 if exp5d$ incid5t to ! creation ( a corporation1 ,s corporation1 or p>tn]%ip hav+ a limit$ life1 w\ld be amortizable ov] su* life4 4 7c7 ,doll> am\nts 7#a7 ,9 g5]al ,clause 7ii7 ( section #aie7;b77#a77;,a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7,a7 by /rik+ #e1jjj & ins]t+ #bj1jjj2 & 7,b7 by /rik+ #ej1jjj & ins]t+ #abj1jjj4 7#b7 ,adju/m5t = inflation ,subsection 7b7 ( section #aie ( su* ,code is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#d7 ,adju/m5t = inflation ,9 ! case ( a taxable ye> beg9n+ aft] ,decemb] #ca1 #bjbj1 ! #bj1jjj & #abj1jjj am\nts 9 p>agraph 7#a77;,a77ii7 %all ea* be increas$ by an am\nt equal to-- 7,a7 su* am\nt1 multipli$ by 7,b7 ! 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> #bjai = cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4 ,if any increase det]m9$ "u ! prec$+ s5t5ce is n a multiple ( #a1jjj1 su* am\nt %all be r\nd$ to ! ne>e/ multiple ( #a1jjj4 4 7d7 ,amortization treatm5t ,subp>agraph 7,b7 ( section #aie7;b77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by subsection 7a71 is am5d$ to read z foll[s3 7,b7 ! rema9d] ( su* />t-up & organizational exp5ditures %all be *>g$ to capital acc\nt & all[$ z an amortization d$uction det]m9$ by amortiz+ su* exp5ditures ratably ov] ! #ae-ye> p]iod beg9n+ ) ! midpo9t ( ! taxable ye> 9 :i* ! active trade or bus9ess beg9s4 4 7e7 ,application to disreg>d$ entities ,subsection 7c7 ( section #aie ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by subsection 7b71 is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#d7 ,application to disreg>d$ entities ,9 ! case ( any entity ) a s+le own] :i* is disreg>d$ z an entity sep>ate f its own]1 ?is section %all be appli$ 9 ! same mann] z if su* entity 7 a corporation4 4 7f7 ,all[ance ( d$uction ^u liquidation or disposition ,section #aie ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subsection3 7e7 ,all[ance ( d$uction ^u liquidation or disposition 7#a7 ,liquidation ( a bus9ess entity ,9 ! case ( a complete liquidation by ! taxpay] ( any corporation1 ,s corporation1 or p>tn]%ip1 any />t-up & organizational exp5ditures paid or incurr$ 9 connection ) su* p>tn]%ip1 ,s corporation1 or corporation :i* 7 n all[$ z a d$uction by reason ( ?is section %all be all[$ z a loss to ! ext5t provid$ "u section #afe4 7#b7 ,disposition ( trade or bus9ess ,9 ! case ( a complete disposition by ! taxpay] ( any trade or bus9ess1 any />t-up & organizational exp5ditures paid or incurr$ 9 connection ) su* trade or bus9ess :i* 7 n all[$ z a d$uction by reason ( ?is section 7& :i* are n tak5 into acc\nt "u p>agraph 7#a77 %all be all[$ z a loss to ! ext5t provid$ "u section #afe4 4 7g7 ,con=m+ am5dm5ts 7#a7 ,section #aie7;b77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7,a7 by ins]t+ 7or1 9 ! case ( a p>tn]%ip or ,s corporation1 ! entity elects7 aft] ,if a taxpay] elects1 7,b7 by ins]t+ 7or ! entity1 z ! case may be7 aft] ! taxpay] 9 subp>agraph 7,a71 & 7,c7 by add+ at ! end ! foll[+ flu% s5t5ce3 ,9 ! case ( a p>tn]%ip or ,s corporation1 ! election "u ! prec$+ s5t5ce %all be made at ! entity level4 4 7#b7 ,section #aie7;b77#b7 ( su* ,code is am5d$-- 7,a7 by /rik+ amortization p]iod4--,9 any case & ins]t+ ! foll[+3 amortization p]iod4-- 7,a7 ,9 g5]al ,9 any case 2 & 7,b7 by add+ at ! end ! foll[+ new subp>agraph3 7,b7 ,special rule ,9 ! case ( a p>tn]%ip or ,s corporation1 subp>agraph 7,a7 %all be appli$ at ! entity level4 4 7#c7 ,section #aie7;b7 ( su* ,code is am5d$ by /rik+ p>agraph 7#c74 7#d7 7,a7 ,"p ,,viii ( sub*apt] ,b ( *apt] #a ( su* ,code is am5d$ by /rik+ section #bdh 7& by /rik+ ! item relat+ to su* section 9 ! table ( sections = su* "p74 7,b7 ,section #ef7;g77#d77;,d77ii7 ( su* ,code is am5d$ by /rik+ ,sections #agc & #bdh & ins]t+ ,section #agc4 7,c7 ,section #agj7;b77#b77;,c77ii7 ( su* ,code is am5d$ by /rik+ 7except section #bdh74 7,d7 ,section #cab7n77#c7 ( su* ,code is am5d$ by /rik+ ,sections #agc & #bdh & ins]t+ ,section #agc4 7,e7 ,section #ece7;b77#c7 ( su* ,code is am5d$ by /rik+ 7except section #bdh74 7,f7 ,section #ede7;b77#c7 ( su* ,code is am5d$ by /rik+ 7except section #bdh74 7,g7 ,section #hcd7;c77#g7 ( su* ,code is am5d$ by /rik+ 7except section #bdh74 7,h7 ,section #heb7;b77#b77;,c7 ( su* ,code is am5d$ by /rik+ 7except section #bdh74 7,i7 ,section #heg7;b77#b77;,a7 ( su* ,code is am5d$ by /rik+ 7except section #bdh74 7,j7 ,section #acfc7;b7 ( su* ,code is am5d$ by ins]t+ & at ! end ( p>agraph 7#b71 by /rik+ p>agraph 7#c71 & by r$esignat+ p>agraph 7#d7 z p>agraph 7#c74 7,k7 ,section #acge7;b77#a77;,b77i7 ( su* ,code is am5d$ by /rik+ 7o!r ?an ! d$uction all[$ by section #bdh1 relat+ to organization exp5ditures74 7#e7 ,"p ,i ( sub*apt] ,k ( *apt] #a ( su* ,code is am5d$ by /rik+ section #gji 7& by /rik+ ! item relat+ to su* section 9 ! table ( sections = su* "p74 7#f7 ,! head+ ( section #aie ( su* ,code 7& ! item relat+ to su* section 9 ! table ( sections = "p ,,vi ( sub*apt] ,b ( *apt] #a ( su* ,code7 are ea* am5d$ by ins]t+ & organizational aft] ,/>t-up4 7h7 ,effective date ,! am5dm5ts made by ?is section %all apply to exp5ses paid or incurr$ 9 taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjai4