Regulated Investment Company Modernization Act of 2010
Latest action · Nov 17, 2010 Read twice and referred to the Committee on Finance.
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.
- IntroducedNov 17, 2010
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Regulated Investment Company Modernization Act of 2010 - Amends the Internal Revenue Code, with respect to regulated investment companies (RICs), to: (1) allow an unlimited carryforward of the net capital losses of RICs; (2) eliminate restrictions on the investment of RICs in commodities; (3) limit penalties for the failure of RICs to satisfy gross income and asset tests; (4) modify rules for allocating RIC capital gain dividend distributions; (5) include certain nondeductible items of RIC income in earnings and profit calculations; (6) allow RICs that invest exclusively in the shares of other RICs to pass through to their shareholders tax-exempt interest and foreign tax credits, without regard to certain investment limitations; (7) modify rules relating to the declaration of RIC dividends, return of capital distributions, and stock redemptions; (8) allow certain RICs with shares that are redeemable upon demand to treat distributions in redemption of stock as an exchange of fund shares or a dividend for tax purposes; (9) allow a deferral of end-of-year losses of RICs; (10) exempt certain regularly declared exempt-interest dividends of RICs from holding period requirements; (11) increase the annual amount of capital gain net income of RICs required to be distributed; and (12) modify excise tax and penalty rules applicable to RICs.
Cosponsors 2
Members who signed on, in the order they did. All signed on Nov 17, 2010.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MA | John F. Kerry | Original | Nov 17, 2010 |
| R-ID | Mike Crapo | Original | Nov 17, 2010 |
Actions 2
Everything that happened, newest first.
- Nov 17, 2010Introduced in Senate
- Nov 17, 2010Read twice and referred to the Committee on Finance.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 4337 | Regulated Investment Company Modernization Act of 2010 | Related bill | Dec 22, 2010 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Banking and financial institutions regulation
- Capital gains tax
- Commodities markets
- Financial services and investments
- Income tax credits
- Income tax deferral
- Income tax exclusion
- Interest, dividends, interest rates
- Sales and excise taxes
- Securities
- Tax administration and collection, taxpayers
- Taxation
- Taxation of foreign income
Text 1
Each version as it was printed, newest first.
- Nov 17, 2010Introduced in Senate
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.
