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![handle is hein.congrecreports/crptxabtv0001 and id is 1 raw text is: AUTHENTICATEO
U.S. GOVERNMENT
INFORMATION
Op
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 115-957
AMERICAN INNOVATION ACT OF 2018
SEPTEMBER 24, 2018.-Committed to the Committee of the Whole House on the
State of the Union and ordered to be printed
Mr. BRADY of Texas, from the Committee on Ways and Means,
submitted the following
REPORT
together with
DISSENTING VIEWS
[To accompany H.R. 6756]
[Including cost estimate of the Congressional Budget Office]
The Committee on Ways and Means, to whom was referred the
bill (H.R. 6756) to amend the Internal Revenue Code of 1986 to
promote new business innovation, and for other purposes, having
considered the same, report favorably thereon with an amendment
and recommend that the bill as amended do pass.
CONTENTS
Page
I. SUMMARY AND BACKGROUND ............................................................... 5
A . Purpose and Sum m ary .................................................................... 5
B. Background and Need for Legislation ............................................ 6
C . Legislative H istory .......................................................................... . 6
II. EXPLANATION OF THE BILL ................................................................... 6
A. Simplification and Expansion of Deduction for Start-Up and
Organizational Expenditures (sec. 2 of the bill and secs. 195,
248, and 709 of the Code) .............................................................. 6
B. Preservation of Start-Up Net Operating Losses and Tax Credits
After Ownership Change (sec. 3 of the bill and secs. 382 and
383 of th e C ode) ............................................................................. 8
III. VOTES OF THE COM M ITTEE .................................................................... 13
IV. BUDGET EFFECTS OF THE BILL ........................................................... 14
A. Committee Estimate of Budgetary Effects ..................................... 14
B. Statement Regarding New Budget Authority and Tax Expendi-
tures B udget A uthority .................................................................. 16
C. Cost Estimate Prepared by the Congressional Budget Office ...... 16
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