To amend the Internal Revenue Code of 1986 to permanently double the amount of start-up expenses entrepreneurs can deduct from their taxes.
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 ``Small Business Start-up Support Act of 2012''.
SEC. 2. PERMANENT DOUBLING OF START-UP EXPENSES DEDUCTION.
(a) In General.--Clause (ii) of section 195(b)(1)(A) of the Internal Revenue Code of 1986 is amended-- (1) by striking ``$5,000'' and inserting ``$10,000'', and (2) by striking ``$50,000'' and inserting ``$60,000''. (b) Conforming Amendment.--Subsection (b) of section 195 of the Internal Revenue Code of 1986 is amended by striking paragraph (3). (c) Effective Date.--The amendments made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2011. <all>