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Avner

Passed: Youth Entrepreneurship Act 1987

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Mr. King (for himself, Mr Garvey, Mr. King, Mr.Blackstone, Ms. Dubois-Granger, Ms. Peterson, Mr.Tilsley) introduces with help from Mr. Davis the following bill;

 

A BILL

 

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

 

To create incentives for new business start-ups by young people.

 

Section 1. Creation of the Youth Entrepreneurship Project
(2) A new program is created, to be known as the Youth Entrepreneurship Project
(2) The program shall be administered through the Department of Commerce.
(3) The purpose of the project shall be to encourage the creation of new businesses by young people aged up to 25 years.

Section 2. Eligibility

(1) Applicants to the project must be duly incorporated companies
(2) The owners of the applicant company must be American citizens/or permanent resident aged 25 or below. 
(3) Applicants may be refused by the Department of Commerce if the application is frivolous or the applicant unable to carry out a successful business venture.

Section 3. Temporary exemption from business/corporation taxation and advisory list

(1) Eligible applicants shall pay aligned to their individual tax rate, for those who make over $6,063 will pay 15% in federal income tax

(2) The Department of Commerce may extend this exemption to other forms of taxation.

(3) Section 127(c)(1) of the Internal Revenue Code of 1986 is amended by striking and at the end of subparagraph (A), by redesignating subparagraph (B) as subparagraph (C), and by inserting after subparagraph (A) the following new subparagraph:

(B)the payment by an employer, whether paid to the employee or to a lender, of principal or interest on any qualified education loan (as defined in section 221(d)(1)) incurred by the employee.
(4) The Department of Commerce shall maintain a list of executives with at least five years experience in business willing to act as advisers to businesses accepted into this scheme, and this list shall be made available to all businesses accepted into this scheme on request.
 

PES:

Creates the Youth Entrepreneurship Project, allows young people aged 25 to create new businesses by allowing them to pay taxes incurred by their business aligned to their individual tax bracket, while also amends the Internal Revenue Code to extend the tax exclusion for employer-provided educational assistance to include payments of qualified education loans by an employer to either an employee or a lender.

Edited by Brady

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