Read twice and referred to the Committee on Finance.
Summary
The American Innovation Act changes the Internal Revenue Code so entrepreneurs can immediately deduct up to $20,000 of start‑up and organizational expenses (reduced if total costs exceed $120,000) and amortize any remaining costs over 15 years. It applies to corporations, partnerships, S corporations and single‑owner disregarded entities that begin operations after 2025, and it adds special loss deductions if the business is liquidated or sold. The law also updates related code sections to keep them consistent.
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