Buy it in America Act - Directs the Secretary of Commerce to establish the America Star Program as a voluntary program under which manufacturers may have products certified as meeting the standards of a label (i.e., America Star label) that indicates to consumers the extent to which such products are manufactured in the United States.
Amends the Internal Revenue Code to: (1) allow a new tax credit (angel investment tax credit) for up to 25% of equity investment in a small business entity that is located in the United States and engages in a qualified high technology trade or business; (2) make permanent the 100% exclusion from gross income of gain from the sale or exchange of qualified small business stock; and (3) establish tax-exempt small business startup savings accounts to make distributions for small business operating capital, the purchase of equipment or facilities, marketing, training, incorporation, and accounting fees.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2680 Introduced in Senate (IS)]
113th CONGRESS
2d Session
S. 2680
To direct the Secretary of Commerce to establish a voluntary program
under which manufacturers may have products certified as meeting the
standards of labels that indicate to consumers the extent to which the
products are manufactured in the United States, to amend the Internal
Revenue Code of 1986 to allow a credit against income tax for equity
investments in small business concerns, to establish small business
savings accounts, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
July 29, 2014
Mr. Pryor (for himself and Mr. Walsh) introduced the following bill;
which was read twice and referred to the Committee on Finance
_______________________________________________________________________
A BILL
To direct the Secretary of Commerce to establish a voluntary program
under which manufacturers may have products certified as meeting the
standards of labels that indicate to consumers the extent to which the
products are manufactured in the United States, to amend the Internal
Revenue Code of 1986 to allow a credit against income tax for equity
investments in small business concerns, to establish small business
savings accounts, and for other purposes.
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 ``Buy it in America Act''.
SEC. 2. AMERICA STAR PROGRAM.
(a) In General.--The Secretary of Commerce shall establish a
voluntary program, to be known as the ``America Star Program'', under
which manufacturers may have products certified as meeting the
standards of labels that indicate to consumers the extent to which the
products are manufactured in the United States.
(b) Establishment of Labels.--
(1) In general.--Not later than 2 years after the date of
the enactment of this Act, the Secretary shall, by rule--
(A) design America Star labels that are consistent
with public perceptions of the meaning of descriptions
of the extent to which a product is manufactured in the
United States; and
(B) specify the standards that a product shall meet
in order to bear a particular America Star label.
(c) Certification of Products.--
(1) Application procedures.--A manufacturer that wishes to
have a product certified as meeting the standards of an America
Star label may apply to the Secretary for certification in
accordance with such procedures as the Secretary shall
establish by rule.
(2) Action by secretary.--Not later than such time after
receiving an application for certification under paragraph (1)
as the Secretary determines reasonable by rule, the Secretary
shall--
(A) determine whether the product described in the
application meets the standards of the requested
America Star label;
(B) if the product meets such standards, certify
the product; and
(C) notify the manufacturer of the determination
and whether the product has been certified.
(d) Monitoring; Withdrawal of Certification.--
(1) Monitoring.--The Secretary shall conduct such
monitoring and compliance review as the Secretary considers
necessary--
(A) to detect violations of subsection (f); and
(B) to ensure that products certified as meeting
the standards of America Star labels continue to meet
such standards.
(2) Withdrawal of certification.--
(A) On initiative of secretary.--If the Secretary
determines that a product certified as meeting the
standards of an America Star label no longer meets such
standards, the Secretary shall--
(i) notify the manufacturer of the
determination and any corrective action that
would enable the product to meet such
standards; and
(ii) if the manufacturer does not take such
action within such time after receiving
notification under clause (i) as the Secretary
determines reasonable by rule, the Secretary
shall withdraw the certification of the product
and notify the manufacturer of the withdrawal.
(B) At request of manufacturer.--At the request of
the manufacturer of a product, the Secretary shall
withdraw the certification of the product and notify
the manufacturer of the withdrawal.
(e) Consultation.--
(1) Required consultation with federal trade commission.--
In establishing America Star labels and operating the America
Star Program, the Secretary shall consult with the Federal
Trade Commission to ensure consistency with the requirements
enforced by the Commission with respect to representations of
the extent to which products are manufactured in the United
States.
(2) Sense of congress on consultation with private-sector
companies.--It is the sense of Congress that, in establishing
America Star labels and operating the America Star Program, the
Secretary should consult with private-sector companies that
have developed labeling programs to verify or certify to
consumers the extent to which products are manufactured in the
United States.
(f) Prohibited Conduct.--Unless a certification by the Secretary
that a product meets the standards of an America Star label is in
effect, a person may not--
(1) place such label on such product;
(2) use such label in any marketing materials for such
product; or
(3) in any other way represent that such product meets, or
is certified as meeting, the standards of such label.
(g) Enforcement.--
(1) Enforcement by federal trade commission.--
(A) Referral.--The Secretary may refer to the
Federal Trade Commission any person who the Secretary
determines has violated subsection (f).
(B) Unfair or deceptive act or practice.--A
violation of subsection (f) shall be treated as a
violation of a rule defining an unfair or deceptive act
or practice described under section 18(a)(1)(B) of the
Federal Trade Commission Act (15 U.S.C. 57a(a)(1)(B)).
(C) Powers of commission.--The Federal Trade
Commission shall enforce subsection (f) in the same
manner, by the same means, and with the same
jurisdiction, powers, and duties as though all
applicable terms and provisions of the Federal Trade
Commission Act (15 U.S.C. 41 et seq.) were incorporated
into and made a part of this section.
(2) Ineligibility.--
(A) In general.--Except as provided in subparagraph
(C), if the Secretary determines that a manufacturer--
(i) has made a false statement to the
Secretary in connection with the America Star
Program;
(ii) knowing, or having reason to know,
that a product does not meet the standards of
an America Star label--
(I) has placed such label on such
product;
(II) has used such label in any
marketing materials for such product;
or
(III) in any other way has
represented that such product meets or
is certified as meeting the standards
of such label; or
(iii) has otherwise violated the purposes
of the America Star Program;
the Secretary may not, for a period of 5 years after
the conduct described in clause (i), (ii), or (iii),
certify the product to which such conduct relates as
meeting the standards of an America Star label.
(B) Effect on existing certification.--In the case
of a product with respect to which, at the time of the
determination of the Secretary under subparagraph (A),
there is in effect a certification by the Secretary
that the product meets the standards of an America Star
label--
(i) if the product continues to meet such
standards, the Secretary may either withdraw
the certification or allow the certification to
continue in effect, as the Secretary considers
appropriate; and
(ii) if the product no longer meets such
standards, the Secretary shall withdraw the
certification.
(C) Waiver.--Notwithstanding subparagraph (A), the
Secretary may waive or reduce the period referred to in
such subparagraph if the Secretary determines that the
waiver or reduction is in the best interests of the
America Star Program.
(h) Administrative Appeal.--
(1) Expedited appeals procedure.--The Secretary shall
establish an expedited administrative appeals procedure under
which persons may appeal an action of the Secretary under this
section that--
(A) adversely affects such person; or
(B) is inconsistent with the America Star Program.
(2) Appeal of final decision.--A final decision of the
Secretary under paragraph (1) may be appealed to the United
States district court for the district in which the person is
located.
(i) Offsetting Collections.--
(1) In general.--The Secretary may collect reasonable fees
from--
(A) manufacturers that apply for certification of
products as meeting the standards of America Star
labels; and
(B) manufacturers of products for which such
certifications are in effect.
(2) Account.--The fees collected under paragraph (1) shall
be credited to the account that incurs the cost of the
certification services provided under this section.
(3) Use.--The fees collected under paragraph (1) shall be
available to the Secretary, without further appropriation or
fiscal-year limitation, to pay the expenses of the Secretary
incurred in providing certification services under this
section.
(j) Definitions.--In this section:
(1) America star label.--The term ``America Star label''
means a label described in subsection (a) and established by
the Secretary under subsection (b)(1).
(2) America star program.--The term ``America Star
Program'' means the voluntary labeling program established
under this section.
(3) Secretary.--The term ``Secretary'' means the Secretary
of Commerce.
SEC. 3. ANGEL INVESTMENT TAX CREDIT.
(a) In General.--Subpart B of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 is amended by adding at the end
the following new section:
``SEC. 30E. ANGEL INVESTMENT TAX CREDIT.
``(a) Allowance of Credit.--There shall be allowed as a credit
against the tax imposed by this chapter for the taxable year an amount
equal to 25 percent of the qualified equity investments made by a
qualified investor during the taxable year.
``(b) Qualified Equity Investment.--For purposes of this section--
``(1) In general.--The term `qualified equity investment'
means any equity investment in a qualified small business
entity if--
``(A) such investment is acquired by the taxpayer
at its original issue (directly or through an
underwriter) solely in exchange for cash, and
``(B) such investment is designated for purposes of
this section by the qualified small business entity.
``(2) Equity investment.--The term `equity investment'
means--
``(A) any form of equity, including a general or
limited partnership interest, common stock, preferred
stock (other than nonqualified preferred stock as
defined in section 351(g)(2)), with or without voting
rights, without regard to seniority position and
whether or not convertible into common stock or any
form of subordinate or convertible debt, or both, with
warrants or other means of equity conversion, and
``(B) any capital interest in an entity which is a
partnership.
``(3) Redemptions.--A rule similar to the rule of section
1202(c)(3) shall apply for purposes of this subsection.
``(c) Qualified Small Business Entity.--For purposes of this
section--
``(1) In general.--The term `qualified small business
entity' means any domestic corporation or partnership if such
corporation or partnership is certified by the Secretary under
subsection (h) and--
``(A) is a small business (as defined in section
41(b)(3)(D)(iii)),
``(B) has its headquarters as the principal place
of business in the United States,
``(C) is principally engaged in a qualified high
technology trade or business,
``(D) has been in operation in the United States
for not more than 10 consecutive years as of the date
of the qualified equity investment,
``(E) employs less than 100 full-time equivalent
employees as defined in section 45R(d)(2)(A) as of the
date of such investment,
``(F) has more than 50 percent of the employees
performing substantially all of their services in the
United States as of the date of such investment,
``(G) at least 80 percent (by value) of the assets
of such corporation or partnership are used by such
corporation or partnership in the active conduct of 1
or more qualified high technology trades or businesses,
and
``(H) has equity investments designated for
purposes of this paragraph.
``(2) Determination of use of assets.--
``(A) In general.--For purposes of paragraph
(1)(G), assets used in activities described in
subparagraph (B) shall be treated as used in the active
conduct of a qualified high technology trade or
business. Any determination under this subparagraph
shall be made without regard to whether a corporation
or partnership has any gross income from such
activities at the time of the determination.
``(B) Activities.--An activity is described in this
section if such activity is in connection with a future
qualified high technology trade or business and such
activity is--
``(i) a start-up activity described in
section 195(c)(1)(A), or
``(ii) an activity resulting in the payment
or incurring of qualified research expenses (as
defined in section 41(b)).
``(3) Designation of equity investments.--For purposes of
paragraph (1)(H), an equity investment shall not be treated as
designated if such designation would result in the aggregate
amount which may be taken into account under this section with
respect to qualified equity investments in a qualified small
business entity exceeds--
``(A) $10,000,000, taking into account the total
amount of all qualified equity investments made by all
taxpayers for the taxable year and all preceding
taxable years,
``(B) $2,000,000, taking into account the total
amount of all qualified equity investments made by all
taxpayers for such taxable year, and
``(C) $1,000,000, taking into account the total
amount of all qualified equity investments made by the
taxpayer for such taxable year.
``(4) Qualified high technology trade or business.--For
purposes of this section, the term `qualified high technology
trade or business' is a high technology trade or business which
is related to--
``(A) advanced materials, nanotechnology, or
precision manufacturing,
``(B) aerospace, aeronautics, or defense,
``(C) biotechnology or pharmaceuticals,
``(D) electronics, semiconductors, software, or
computer technology,
``(E) energy, environment, or clean technologies,
``(F) forest products or agricultural sciences,
``(G) information technology, communication
technology, digital media, opto-electronics or
photonics,
``(H) life sciences or medical sciences,
``(I) marine technology or aquaculture,
``(J) manufacturing, processing, or assembling
innovative technology products,
``(K) transportation, or
``(L) any other high technology trade or business
as determined by the Secretary.
``(d) Qualified Investor.--For purposes of this section--
``(1) In general.--The term `qualified investor' means an
accredited investor, as defined by the Securities and Exchange
Commission, investor network, or investor fund who review new
or proposed businesses for potential investment.
``(2) Investor network.--The term `investor network' means
a group of accredited investors organized for the sole purpose
of making qualified equity investments.
``(3) Investor fund.--
``(A) In general.--The term `investor fund' means a
corporation that for the applicable taxable year is
treated as an S corporation or a general partnership,
limited partnership, limited liability partnership,
trust, or limited liability company and which for the
applicable taxable year is not taxed as a corporation.
``(B) Allocation of credit.--
``(i) In general.--Except as provided in
clause (ii), the credit allowed under
subsection (a) shall be allocated to the
shareholders or partners of the investor fund
in proportion to their ownership interest or as
specified in the fund's organizational
documents.
``(ii) Single member limited liability
company.--If the investor fund is a single
member limited liability company that is
disregarded as an entity separate from its
owner, the credit allowed under subsection (a)
may be claimed by such limited liability
company's owner, if such owner is a person
subject to the tax under this title.
``(4) Exclusion.--The term `qualified investor' does not
include--
``(A) a person controlling at least 50 percent of
the qualified small business entity,
``(B) an employee of such entity, or
``(C) any bank, bank and trust company, insurance
company, trust company, national bank, savings
association or building and loan association for
activities that are a part of its normal course of
business.
``(e) National Limitation on Amount of Investments Designated.--
``(1) In general.--There is an angel investment tax credit
limitation of $100,000,000 for each year of the investment
period.
``(2) Investment period.--The investment period is calendar
years 2015 through 2019.
``(3) Allocation of limitation.--The limitation under
paragraph (1) shall be allocated by the Secretary among
qualified small business entities selected by the Secretary.
``(4) Carryover of unused limitation.--If the angel
investment tax credit limitation for any calendar year exceeds
the aggregate amount allocated under paragraph (3) for such
year, such limitation for the succeeding calendar year shall be
increased by the amount of such excess. No amount may be
carried under the preceding sentence to any calendar year after
2022.
``(f) Application With Other Credits.--
``(1) Business credit treated as part of general business
credit.--Except as provided in paragraph (2), the credit which
would be allowed under subsection (a) for any taxable year
(determined without regard to this subsection) shall be treated
as a credit listed in section 38(b) for such taxable year (and
not allowed under subsection (a)).
``(2) Personal credit.--
``(A) In general.--In the case of an individual who
elects the application of this paragraph, for purposes
of this title, the credit allowed under subsection (a)
for any taxable year (determined after application of
paragraph (1)) shall be treated as a credit allowable
under subpart A for such taxable year.
``(B) Carryforward of unused credit.--If the credit
allowable under subsection (a) by reason of
subparagraph (A) exceeds the limitation imposed by
section 26(a) for such taxable year, reduced by the sum
of the credits allowable under subpart A (other than
this section) for such taxable year, such excess shall
be carried to each of the succeeding 20 taxable years
to the extent that such unused credit may not be taken
into account under subsection (a) by reason of
subparagraph (A) for a prior taxable year because of
such limitation.
``(g) Special Rules.--
``(1) Related parties.--For purposes of this section--
``(A) In general.--All related persons shall be
treated as 1 person.
``(B) Related persons.--A person shall be treated
as related to another person if the relationship
between such persons would result in the disallowance
of losses under section 267 or 707(b).
``(2) Basis.--For purposes of this subtitle, the basis of
any investment with respect to which a credit is allowable
under this section shall be reduced by the amount of such
credit so allowed. This subsection shall not apply for purposes
of sections 1202, 1397B, and 1400B.
``(3) Recapture.--The Secretary shall, by regulations,
provide for recapturing the benefit of any credit allowable
under subsection (a) with respect to any qualified equity
investment which is held by the taxpayer less than 3 years,
except that no benefit shall be recaptured in the case of--
``(A) transfer of such investment by reason of the
death of the taxpayer,
``(B) transfer between spouses,
``(C) transfer incident to the divorce (as defined
in section 1041) of such taxpayer, or
``(D) a transaction to which section 381(a) applies
(relating to certain acquisitions of the assets of one
corporation by another corporation).
``(h) Regulations.--For purposes of this section--
``(1) In general.--Not later than 180 days after the date
of enactment of this section, the Secretary shall prescribe
regulations to--
``(A) certify qualified small business entities,
``(B) prevent the abuse of the purposes of this
section,
``(C) impose appropriate reporting requirements and
metric for measuring the effectiveness of the tax
credit, including the impact of the tax credit on
domestic job creation, and
``(D) apply the provisions of this section to newly
formed entities.
``(2) Certification and selection criteria.--The
regulations for certifying qualified small business entities
shall require the following:
``(A) Certification.--
``(i) Application for tax credit.--Each
applicant for certification as a qualified
small business entity shall submit an
application containing such information as the
Secretary may require.
``(ii) Time to meet criteria for
certification.--Each applicant for
certification shall have 1 year from the date
of acceptance by the Secretary of the
application during which to provide to the
Secretary evidence that the requirements of the
certification have been met.
``(B) Selection criteria.--In determining which
applicants to certify under this paragraph, the
Secretary--
``(i) shall take into consideration only
those applicants where there is a reasonable
expectation of commercial viability, and
``(ii) shall take into consideration which
applicants--
``(I) will provide the greatest
domestic job creation (both direct and
indirect) during the tax credit period,
and
``(II) have the greatest potential
for technological innovation and
commercial deployment.''.
(b) Credit Made Part of General Business Credit.--Subsection (b) of
section 38 of the Internal Revenue Code of 1986 is amended in paragraph
(35), by striking ``plus'', in paragraph (36), by striking the period
at the end and inserting ``, plus'', and by adding at the end the
following new paragraph:
``(37) the portion of the angel investment tax credit to
which section 30E(f)(1) applies.''.
(c) Conforming Amendments.--Section 1016(a) of the Internal Revenue
Code of 1986 is amended by striking ``and'' at the end of paragraph
(36), by striking the period at the end of paragraph (37) and inserting
``, and'', and by inserting after paragraph (37) the following new
paragraph:
``(38) to the extent provided in section 30E(g)(2).''.
(d) Clerical Amendment.--The table of sections for subpart B of
part IV of subchapter A of chapter 1 of the Internal Revenue Code of
1986 is amended by adding at the end the following new item:
``Sec. 30E. Angel investment tax
credit.''.
(e) Effective Date.--The amendments made by this section shall
apply to investments made after December 31, 2013, in taxable years
ending after such date.
(f) GAO Report.--Not later than two years after the date of
enactment of this Act, the Comptroller General of the United States,
pursuant to an audit of the angel investment tax credit program
established under section 30E of the Internal Revenue Code of 1986 (as
added by subsection (a)), shall report to Congress on such program,
including--
(1) the implementation of the regulations promulgated by
the Secretary,
(2) the amount of tax credits allocated to qualified small
business entities in the prior year, and
(3) the effectiveness of the tax credit in increasing
domestic job creation by the qualified small businesses that
receive the tax credit.
SEC. 4. PERMANENT FULL EXCLUSION APPLICABLE TO QUALIFIED SMALL BUSINESS
STOCK.
(a) In General.--Paragraph (4) of section 1202(a) of the Internal
Revenue Code of 1986 is amended by striking ``and before January 1,
2014''.
(b) Conforming Amendments.--
(1) Section 1202(a) of such Code, as amended by subsection
(a), is amended by striking paragraphs (2) and (3) and by
redesignating paragraph (4) as paragraph (2).
(2) Section 1202(a)(2) of such Code, as redesignated by
paragraph (1), is amended by adding ``and'' at the end of
subparagraph (A), by striking subparagraph (B), and by
redesignating subparagraph (C) as subparagraph (B).
(3) Section 1223(13) of such Code is amended by striking
``1202(a)(2),''.
(4) The heading for section 1202 of such Code is amended by
striking ``partial exclusion for gain'' and inserting
``exclusion of certain gain''.
(5) The item relating to section 1202 in the table of
sections for part I of subchapter P of chapter 1 of such Code
is amended by striking ``Partial exclusion for gain'' and
inserting ``Exclusion of certain gain''.
(c) Effective Date.--The amendments made by this section apply to
stock acquired after December 31, 2013.
SEC. 5. ESTABLISHMENT OF SMALL BUSINESS STARTUP SAVINGS ACCOUNTS.
(a) In General.--Subpart A of part I of subchapter D of chapter 1
of the Internal Revenue Code of 1986 is amended by inserting after
section 408A the following new section:
``SEC. 408B. SMALL BUSINESS STARTUP SAVINGS ACCOUNTS.
``(a) General Rule.--Except as provided in this section, a Small
Business Startup Savings Account shall be treated for purposes of this
title in the same manner as an individual retirement plan.
``(b) Small Business Startup Savings Account.--For purposes of this
title, the term `Small Business Startup Savings Account' means an
individual retirement account (as defined in section 409(a)) which is
designated at the time of establishment of the plan as a Small Business
Startup Savings Account. Such designation shall be made in such manner
as the Secretary may prescribe.
``(c) Treatment of Contributions.--
``(1) No deduction allowed.--No deduction shall be allowed
under section 219 for a contribution to a Small Business
Startup Savings Account.
``(2) Contribution limit.--
``(A) In general.--The aggregate amount of
contributions for any taxable year to all Small
Business Startup Savings Accounts maintained for the
benefit of an individual shall not exceed $10,000.
``(B) Aggregate limitation.--The aggregate of the
amounts which may be taken into account under
subparagraph (A) for all taxable years with respect to
all Small Business Startup Savings Accounts maintained
for the benefit of an individual shall not exceed
$150,000.
``(C) Cost-of-living adjustment.--The Secretary
shall adjust annually the $10,000 amount in
subparagraph (A) for increases in the cost-of-living at
the same time and in the same manner as adjustments
under section 415(d); except that the base period shall
be the calendar quarter beginning July 1, 2014, and any
increase which is not a multiple of $500 shall be
rounded to the next lowest multiple of $500.
``(3) Contributions permitted after age 70\1/2\.--
Contributions to a Small Business Startup Savings Account may
be made even after the individual for whom the account is
maintained has attained age 70\1/2\.
``(4) Rollovers from retirement plans not allowed.--A
taxpayer shall not be allowed to make a qualified rollover
contribution to a Small Business Startup Savings Account from
any qualified retirement plan (as defined in section 4974(c)).
``(d) Distribution Rules.--For purposes of this title--
``(1) Qualified distributions.--
``(A) In general.--Any qualified distribution from
a Small Business Startup Savings Account shall not be
includible in gross income.
``(B) Qualified distribution defined.--For purposes
of this subsection, the term `qualified distribution'
means any payment or distribution made for operating
capital, the purchase of equipment or facilities,
marketing, training, incorporation, and accounting
fees.
``(C) Limitations on qualified distributions.--All
qualified distributions from a Small Business Startup
Savings Account--
``(i) shall be limited to a single
business, and
``(ii) must be disbursed not later than the
last day of the 5th taxable year beginning
after the initial disbursement.
``(2) Nonqualified distributions.--
``(A) In general.--In applying section 72 to any
distribution from a Small Business Startup Savings
Account which is not a qualified distribution, such
distribution shall be treated as made from
contributions to the Small Business Startup Savings
Account to the extent that such distribution, when
added to all previous distributions from the Small
Business Startup Savings Account, does not exceed the
aggregate amount of contributions to the Small Business
Startup Savings Account.
``(B) Treatment of amounts remaining in account.--
Any remaining amount in a Small Business Startup
Savings Account following the date described in
paragraph (1)(A)(ii) shall be treated as distributed
during the taxable year following such date and such
distribution shall not be treated as a qualified
distribution.''.
(b) Excess Contributions.--Section 4973 of the Internal Revenue
Code of 1986 is amended by adding at the end the following new
subsection:
``(h) Excess Contributions to Small Business Startup Savings
Accounts.--For purposes of this section, in the case of contributions
to all Small Business Startup Savings Accounts (within the meaning of
section 408B(b)) maintained for the benefit of an individual, the term
`excess contributions' means the sum of--
``(1) the excess (if any) of--
``(A) the amount contributed to such accounts for
the taxable year, over
``(B) the amount allowable as a contribution under
section 408B(c)(2) for such taxable year, and
``(2) the amount determined under this subsection for the
preceding taxable year, reduced by the sum of--
``(A) the distributions out of the accounts for the
taxable year, and
``(B) the excess (if any) of--
``(i) the maximum amount allowable as a
contribution under section 408B(c)(2) for such
taxable year, over
``(ii) the amount contributed to such
accounts for such taxable year.''.
(c) Conforming Amendment.--The table of sections for subpart A of
part I of subchapter D of chapter 1 of the Internal Revenue Code of
1986 is amended by inserting after the item relating to section 408A
the following new item:
``Sec. 408B. Small Business Startup
Savings Accounts.''.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2013.
<all>
Introduced in Senate
Read twice and referred to the Committee on Finance.
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