Eliminating Paperwork for Startups Act

Eliminating Paperwork for Startups Act

This bill requires the Internal Revenue Service to allow the election relating to property transferred in connection with services (i.e., to include in gross income the amount of such property in the year of transfer) to be made in electronic form.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7090 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 7090

To amend the Internal Revenue Code of 1986 to require the Secretary of 
the Treasury to permit an election relating to property transferred in 
        connection with services to be made in electronic form.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 15, 2022

  Mr. McHenry (for himself and Mr. Smith of Nebraska) introduced the 
 following bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to require the Secretary of 
the Treasury to permit an election relating to property transferred in 
        connection with services to be made in electronic form.

    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 ``Eliminating Paperwork for Startups 
Act''.

SEC. 2. ELECTRONIC FILING OF ELECTION RELATING TO PROPERTY TRANSFERRED 
              IN CONNECTION WITH SERVICES.

    (a) In General.--Section 83(b)(2) of the Internal Revenue Code of 
1986 is amended by inserting ``(except that such election may be made 
in electronic form)'' after ``in such manner as the Secretary 
prescribes''.
    (b) Confirmation.--In the case of any election under section 83(b) 
of the Internal Revenue Code of 1986 which is made in electronic form, 
the Secretary of the Treasury shall ensure that a confirmation of such 
election is sent in electronic form to the person making such election.
    (c) Effective Date.--The amendment made by this Act shall apply to 
elections made after the date that is 180 days after the date of the 
enactment of this Act.
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