Incentivize Growth Now In Tomorrow's Entrepreneurs Act of 2014
Latest action. Read twice and referred to the Committee on Finance.
Incentivize Growth Now In Tomorrow's Entrepreneurs Act of 2014 - Amends the Internal Revenue Code to establish tax-exempt small business start-up accounts to allow businesses that employ 50 or fewer full-time employees to make distributions for operating capital, the purchase of equipment or facilities, marketing, training, incorporation, and accounting fees. Allows a tax deduction from gross income for contributions to such accounts, limited by the taxpayer's adjusted gross income. Limits the annual amount that may be contributed to such accounts to the lesser of $10,000, or the compensation that is includible in the taxpayer's gross income.
Sets forth reporting requirements for the trustee of a small business start-up account.
Makes the tax penalties for prohibited transactions and excess contributions applicable to such accounts.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on July 31, 2014. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on July 31, 2014: Read twice and referred to the Committee on Finance.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 113th Congress (2013-14), 296 of the 9,091 bills and joint resolutions introduced became law, about 3.3 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
TOM UDALL (D-NM) introduced it on July 31, 2014. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on July 31, 2014, 4424 days ago. The most recent recorded action was 4424 days ago, on July 31, 2014.
Measures do not carry over. Anything the 113th Congress has not finished by January 3, 2015 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers