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American Innovation Act of 2023

12/15/2023, 3:53 PM

Summary of Bill HR 368

The American Innovation Act of 2023, also known as Bill 118 hr 368, is a piece of legislation introduced in the US Congress with the goal of promoting innovation and technological advancement in the United States. The bill aims to support research and development in key industries such as technology, healthcare, and energy, in order to maintain America's competitive edge in the global economy.

One of the key provisions of the American Innovation Act is the establishment of a grant program to provide funding for research projects that have the potential to lead to significant technological breakthroughs. This program will be open to both public and private sector entities, with a focus on supporting projects that have the potential to create jobs and drive economic growth.

Additionally, the bill includes measures to streamline the process for obtaining patents and intellectual property rights, in order to encourage innovation and protect the rights of inventors and creators. This includes provisions to reduce the backlog of patent applications and improve the efficiency of the patent approval process. Overall, the American Innovation Act of 2023 is aimed at fostering a culture of innovation and entrepreneurship in the United States, in order to ensure that the country remains at the forefront of technological advancement and economic growth.

Congressional Summary of HR 368

American Innovation Act of 2023

This bill revises the tax treatment of business start-up or organizational expenditures. Specifically, it allows an election to deduct such expenditures in an amount equal to the lesser of the aggregate amount of such expenditures incurred by an active trade of business, or $20,000, reduced by the amount by which such aggregate amount exceeds $120,000. The remaining amount of such expenditures shall be amortized over the 180 month period after the trade or business begins.

The bill also revises the tax treatment of partnership syndication fees and start-up net operating losses and tax credits after an ownership change.

Read the Full Bill

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Current Status of Bill HR 368

Bill HR 368 is currently in the status of Bill Introduced since January 13, 2023. Bill HR 368 was introduced during Congress 118 and was introduced to the House on January 13, 2023.  Bill HR 368's most recent activity was Referred to the House Committee on Ways and Means. as of January 13, 2023

Bipartisan Support of Bill HR 368

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 368

Primary Policy Focus

Taxation

Potential Impact Areas

- Budget deficits and national debt
- Business investment and capital
- Capital gains tax
- Corporate finance and management
- Income tax credits
- Income tax deductions
- Inflation and prices

Alternate Title(s) of Bill HR 368

American Innovation Act of 2023
American Innovation Act of 2023
To amend the Internal Revenue Code of 1986 to promote new business innovation, and for other purposes.

Comments

Sponsors and Cosponsors of HR 368

Vern Buchanan
Vern Buchanan
FloridaRepublican

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