at the end the following new subparagraph: (H) a small business start-up savings account (within the meaning of section 7530). . (2) Special rule for ceasing to be a small business start-up savings account Section 4975(c) of such Code (relating to tax on prohibited transactions) is amended by adding at the end the following new paragraph: (7) Special rule for small business start-up savings account An individual for whose benefit a small business start-up savings account (within the meaning of section 7530) is established 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, with respect to such transaction, the account ceases to be a small business start-up savings account by reason of the application of paragraph (3) or (4) of section 7530(e) to such account. . (d) Deduction allowed whether or not individual itemizes Subsection (a) of section 62 of such Code is amended by inserting after paragraph (21) the following new paragraph: (22) Contributions to small business start-up savings accounts The deduction allowed by section 7530(d)(1)(A). . (e) Conforming amendments (1) The table of chapters for subtitle D of such Code is amended by adding at the end the following new item: Chapter 50A. Small Business Start-Up Savings Accounts . (2) The table of sections for chapter 77 of such Code is amended by inserting after the item relating to section 7529 the following new item: Sec. 7530. Small Business Start-Up Savings Accounts. . (f) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2019.