,,ii #aai? ,,congress #a/ ,session ,s4 #afac ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,may #f1 #bjbe ,ms4 ,ros5 7= h]self1 ,mrs4 ,%ahe51 ,ms4 ,baldw91 ,mr4 ,wyd51 ,mr4 ,blum5?al1 ,ms4 ,klobu*>1 ,mr4 ,he9ri*1 ,mr4 ,coons1 ,ms4 ,slotk91 ,mr4 ,gallego1 & ,ms4 ,alsobrooks7 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$uctible new bus9ess exp5ditures1 to consolidate provisions = />t-up & organizational exp5ditures1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,tax ,relief = ,new ,bus9esses ,act4 #b4 ,new bus9ess exp5ditures 7a7 ,consolidation ( d$uction = />t-,up & organizational exp5ditures 7#a7 ,9 g5]al ,section #aie7;a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ or organizational aft] />t-up4 7#b7 ,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 corporation or a p>tn]%ip1 7,b7 is *>geable to capital acc\nt1 & 7,c7 is ( a "* :i*1 if exp5d$ incid5t to ! creation ( a corporation or a p>tn]%ip hav+ a limit$ life1 w\ld be amortizable ov] su* life4 4 7#c7 ,con=m+ am5dm5ts 7,a7 ,section #aie7;b77#a7 is am5d$-- 7i7 by /rik+ ) respect to any />t-up exp5ses & ins]t+ ) respect to any active trade or bus9ess1 7ii7 by /rik+ ! am\nt ( />t-up exp5ditures ) respect to 9 subp>agraph 7,a77i7 !re( & ins]t+ ! aggregate am\nt ( />t-up & organizational exp5ditures paid 9 connection )1 & 7iii7 by add+ at ! end ! foll[+ flu% s5t5ce3 ,9 ! case ( a p>tn]%ip or ,s corporation1 ! election "u ! prec$+ s5t5ce %all be made at ! entity level4 4 7,b7 ,section #aie7;b77#b7 ( su* ,code is am5d$-- 7i7 by /rik+ amortization p]iod4--,9 any case & ins]t+ ! foll[+3 amortization p]iod4-- 7,a7 ,9 g5]al ,9 any case 1 & 7ii7 by add+ at ! end ! foll[+ new subp>agraph3 7,b7 ,special p>tn]%ip rule ,9 ! case ( a p>tn]%ip or ,s corporation1 subp>agraph 7,a7 %all be appli$ at ! entity level4 4 7,c7 ,section #aie7;b7 ( su* ,code is am5d$ by /rik+ p>agraph 7#c74 7,d7 7i7 ,"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 7ii7 ,section #agj7;b77#b77;,c77ii7 ( su* ,code is am5d$ by /rik+ 7except section #bdh74 7iii7 ,section #cab7n77#c7 ( su* ,code is am5d$ by /rik+ ,sections #agc & #bdh & ins]t+ ,section #agc4 7iv7 ,section #ece7;b77#c7 ( su* ,code is am5d$ by /rik+ 7except section #bdh74 7v7 ,p>agraphs 7#c7 & 7#d7 ( section #ede7;b7 ( su* ,code are ea* am5d$ by /rik+ 7except section #bdh74 7vi7 ,section #hcd7;c77#g7 ( su* ,code is am5d$ by /rik+ 7except section #bdh74 7vii7 ,section #heb7;b77#b77;,c7 ( su* ,code is am5d$ by /rik+ 7except section #bdh74 7viii7 ,section #heg7;b77#b77;,a7 ( su* ,code is am5d$ by /rik+ 7except section #bdh74 7ix7 ,section #acfc7;b7 ( su* ,code is am5d$ by ins]t+ & at ! end ( p>agraph 7#b71 by /rik+ p>agraph 7#c71 & by r$esignat+ p>agraph 7#d7 z p>agraph 7#c74 7x7 ,section #acge7;b77#a77;,b77i7 ( su* ,code is am5d$ by /rik+ 7o!r ?an ! d$uction all[$ by section #bdh1 relat+ to organization exp5ditures74 7,e7 7i7 ,section #gji ( su* ,code is am5d$ to read z foll[s3 #gji4 ,treatm5t ( syndication fees ,no d$uction %all be all[$ "u ?is *apt] to a p>tn]%ip or to any p>tn] ( ! p>tn]%ip = any am\nts paid or incurr$ to promote ! sale ( 7or to sell7 an int]e/ 9 ! p>tn]%ip4 4 7ii7 ,! item relat+ to section #gji 9 ! table ( sections = "p ,i ( sub*apt] ,k ( *apt] #a ( su* ,code is am5d$ to read z foll[s3 ,sec4 #gji4 ,treatm5t ( syndication fees4 4 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 7b7 ,increase 9 limitation ,clause 7ii7 ( section #aie7;b77#a77;,a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ #e1jjj & ins]t+ #ej1jjj1 & 7#b7 by /rik+ #ej1jjj & ins]t+ #aej1jjj4 7c7 ,application ( net op]at+ loss rules ,section #agb ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by r$esignat+ subsection 7g7 z subsection 7h7 & by ins]t+ aft] subsection 7f7 ! foll[+ new subsection3 7g7 ,special rules = />t-,up & organizational exp5ditures 7#a7 ,9 g5]al ,9 ! case ( a taxpay] mak+ an election "u ?is subsection-- 7,a7 ?is section %all be appli$ sep>ately to />t-up & organizational net op]at+ losses & o!r net op]at+ losses1 7,b7 9 apply+ ?is section to />t-up & organizational net op]at+ losses-- 7i7 subsection 7a77#b77;,b7 %all be appli$ by sub/itut+ #ajj p]c5t = #hj p]c5t 9 clause 7i7 !re(1 & 7ii7 subsection 7b77#b77;,c7 %all n apply1 & 7,c7 9 apply+ ?is section to o!r net op]at+ losses1 = purposes ( subsections 7a77#b77;,b77ii77,i7 & 7b77#b71 taxable income %all be r$uc$ by ! am\nt ( ! d$uction all[$ "u ?is section ) respect to />t-up & organizational net op]at+ losses4 7#b7 ,/>t-up & organizational net op]at+ loss ,= purposes ( ?is section1 ! t]m />t-up & organizational net op]at+ loss means ! am\nt :i* w\ld be a net op]at+ loss if ! only d$uction tak5 into acc\nt 7 ! d$uction all[$ "u section #aie4 7#c7 ,o!r net op]at+ losses ,= purposes ( ?is section1 ! t]m o!r net op]at+ loss means ! net op]at+ loss det]m9$ )\t reg>d to ! d$uction all[$ "u section #aie4 7#d7 ,election ,an election "u ?is section %all be made at su* "t & 9 su* =m & mann] z ! ,secret>y %all prescribe4 ,su* an election1 once made1 %all be irrevocable4 4 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply to exp5ses paid or incurr$ 9 taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbe4