II
112th CONGRESS
2d Session
S. 2088
IN THE SENATE OF THE UNITED STATES
February 9, 2012
Mr. Rockefeller introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to permanently double the amount of start-up expenses entrepreneurs can deduct from their taxes.
Short title
This Act may be cited as
the Small Business Start-up Support
Act of 2012
.
Permanent doubling of start-up expenses deduction
In general
Clause (ii) of section 195(b)(1)(A) of the Internal Revenue Code of 1986 is amended—
by striking
$5,000
and inserting $10,000
, and
by striking
$50,000
and inserting $60,000
.
Conforming amendment
Subsection (b) of section 195 of the Internal Revenue Code of 1986 is amended by striking paragraph (3).
Effective date
The amendments made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2011.