at the end of subsection (c) the following new paragraph: (7) Special rule for small business start-up savings accounts An individual for whose benefit a small business start-up savings account is established and any contributor to such account shall be exempt from the tax imposed by this section with respect to any transaction concerning such account (which would otherwise be taxable under this section) if section 530A(d)(1) applies with respect to such transaction or if such transaction is a qualified start-up expenditure (as defined in section 530A(c)). . (c) Failure To Provide Reports on Small Business Start-Up Savings Accounts Paragraph (2) of section 6693(a) of such Code is amended by striking and at the end of subparagraph (D), by striking the period at the end of subparagraph (E) and inserting , and , and by adding at the end the following new subparagraph: (F) section 530A(h) (relating to small business start-up savings accounts). . (d) Excess contributions (1) Tax imposed Section 4973(a) of such Code is amended by striking or at the end of paragraph (5), by inserting or at the end of paragraph (6), and by inserting after paragraph (6) the following: (7) a small business start-up savings account (within the meaning of section 530A(b)), . (2) Excess Contributions to Small Business Start-Up Savings accounts defined Section 4973 of such Code is amended by adding at the end the following new subsection: (i) Excess Contributions to Small Business Start-Up Savings accounts For purposes of this section, in the case of contributions to a small business start-up savings account (within the meaning of section 530A(b)), the term excess contributions means the sum of— (1) the excess (if any) of— (A) the amount contributed for the taxable year to such accounts (other than a rollover contribution described in section 530A(d)(4)), over (B) the amount allowable as a contribution under section 530A(b)(1), and (2) the amount determined under this subsection for the preceding taxable year, reduced by the sum of— (A) the