To amend the Internal Revenue Code of 1986 to reduce the recognition period for built-in gains for subchapter S corporations.
Latest action · May 10, 2005 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 10, 2005
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Amends the Internal Revenue Code to reduce from ten to seven years the period during which certain built-in gains of subchapter S corporations are subject to tax.
Cosponsors 26
Members who signed on, in the order they did. Signatures ran from May 10, 2005 to Nov 13, 2006; 5 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-VA | Eric Cantor | Original | May 10, 2005 |
| R-FL | Mark Foley | Original | May 10, 2005 |
| R-PA | Phil English | Original | May 10, 2005 |
| R-TX | Sam Johnson | Original | May 10, 2005 |
| R-CA | Wally Herger | Original | May 10, 2005 |
| R-FL | E. Clay Shaw Jr. | May 25, 2005 | |
| R-TX | Randy Neugebauer | May 25, 2005 | |
| R-CT | Nancy L. Johnson | Jul 14, 2005 | |
| R-KY | Ron Lewis | Jul 14, 2005 | |
| R-AZ | J. D. Hayworth | May 18, 2006 | |
| R-PA | Bill Shuster | Jun 22, 2006 | |
| R-NJ | Jim Saxton | Jun 22, 2006 | |
| R-NY | John R. "Randy" Kuhl Jr. | Jun 27, 2006 | |
| R-TX | K. Michael Conaway | Jun 27, 2006 | |
| R-MN | Mark R. Kennedy | Jun 27, 2006 | |
| R-FL | Jeff Miller | Jul 12, 2006 | |
| D-MD | Benjamin L. Cardin | Jul 25, 2006 | |
| R-IL | Jerry Weller | Jul 25, 2006 | |
| R-PA | Melissa A. Hart | Sep 15, 2006 | |
| R-VA | Bob Goodlatte | Sep 28, 2006 | |
| R-VA | J. Randy Forbes | Sep 28, 2006 | |
| R-MO | W. Todd Akin | Sep 28, 2006 | |
| D-KS | Dennis Moore | Sep 29, 2006 | |
| R-IN | Mark E. Souder | Sep 29, 2006 | |
| R-NJ | Scott Garrett | Sep 29, 2006 | |
| R-WI | Thomas E. Petri | Nov 13, 2006 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred May 10, 2005 |
Actions 2
Everything that happened, newest first.
- May 10, 2005Introduced in House
- May 10, 2005Referred to the House Committee on Ways and Means.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 109-57 | S CORPORATIONS-THEIR HISTORY AND CHALLENGES66 pages | Small Business Committee | Jun 27, 2006 |
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| RL33894 | Election Reform: Issues and Legislative Proposals in the 109th Congress Archived | Report | Feb 28, 2007 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 965 | A bill to amend the Internal Revenue Code of 1986 to reduce the recognition period for built-in gains for subchapter S corporations. | Identical bill | Apr 28, 2005 |
Titles 1
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to reduce the recognition period for built-in gains for subchapter S corporations.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- May 10, 2005Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.