Political Quotes

“Mr. Speaker, pursuant to House Resolution 1084, I call up the bill (H.R. 6756) to amend the Internal Revenue Code of 1986 to promote new business innovation, and for other purposes, and ask for its immediate consideration. The Clerk read the title of the bill. The SPEAKER pro tempore (Mr. Poe of Texas). Pursuant to House Resolution 1084, the amendment recommended by the Committee on Ways and Means, printed in the bill, modified by the amendment printed in part A of House Report 115-985, is adopted, and the bill, as amended, is considered read. The text of the bill, as amended, is as follows: H.R. 6756 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``American Innovation Act of 2018''. SEC. 2. SIMPLIFICATION AND EXPANSION OF DEDUCTION FOR START- UP AND ORGANIZATIONAL EXPENDITURES. (a) In General.--Section 195 of the Internal Revenue Code of 1986 is amended by redesignating subsections (c) and (d) as subsections (d) and (e), respectively, and by striking all that precedes subsection (d) (as so redesignated) and inserting the following: ``SEC. 195. START-UP AND ORGANIZATIONAL EXPENDITURES. ``(a) Capitalization of Expenditures.--Except as otherwise provided in this section, no deduction shall be allowed for start-up or organizational expenditures.…”