Expansion of Deduction for Start-up Expenses

A proposed bill entitled Support Our Start-Ups Act (S. 1984) would increase the deduction for start-up expenses to $20,000; the current limit is $5,000 in the first year of business. Currently, if start-up costs are over $50,000, the up-front deduction is reduced; that would be increased to $120,000. A similar measure was introduced in the House (H.R. 111). It appears to have bi-partisan support.