Congress 113 - HR 4453 - S Corporation Permanent Tax Relief Act of 2014

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Accounting and auditing Business investment and capital Capital gains tax Securities Small business Tax administration and collection, taxpayers Taxation

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Summary

S Corporation Permanent Tax Relief Act of 2014 - Amends the Internal Revenue Code, with respect to the taxation of S corporations, to make permanent: (1) the reduction of the period (10 to 5 years) during which the built-in gains of such corporations are subject to tax, and (2) the rule requiring an adjustment to the basis of an shareholder's stock in an S corporation that makes tax deductible contributions of appreciated property.

Prohibits the entry of the budgetary effects of this Act on any PAYGO (Pay As You Go) scorecard.

Actions

Jun 17, 2014

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 433.
Jun 16, 2014

Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Jun 12, 2014

Motion to reconsider laid on the table Agreed to without objection.
Jun 12, 2014

On passage Passed by the Yeas and Nays: 263 - 155 (Roll no. 311). (text: CR H5324)
Jun 12, 2014

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 263 - 155 (Roll no. 311).(text: CR H5324)
Jun 12, 2014

On motion to recommit with instructions Failed by the Yeas and Nays: 188 - 229 (Roll no. 310).
Jun 12, 2014

Considered as unfinished business. (consideration: CR H5340-5341)
Jun 12, 2014

POSTPONED PROCEEDINGS - At the conclusion of debate on the motion to recommit with instructions, the Chair put the question on the motion to recommit with instructions, and by voice vote, announced that the nays had prevailed. Mr. Neal demanded the yeas and nays, and pursuant to the order of the House of June 12, 2014, the Chair postponed further proceedings until a time to be announced.
Jun 12, 2014

The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H5339)
Jun 12, 2014

DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions pending reservation of a point of order. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to extend the built-in gains of S Corporations recognition period and the charitable contribution adjusted basis for two additional years. The point of order was subsequently withdrawn.
Jun 12, 2014

Mr. Neal moved to recommit with instructions to the Committee on Ways and Means. (consideration: CR H5329-5330, H5340-5341)
Jun 12, 2014

The previous question was ordered pursuant to the rule. (consideration: CR H5329)
Jun 12, 2014

DEBATE - The House proceeded with one hour of debate on H.R. 4453.
Jun 12, 2014

Considered under the provisions of rule H. Res. 616. (consideration: CR H5324-5330)
Jun 11, 2014

Rule H. Res. 616 passed House.
Jun 10, 2014

Rules Committee Resolution H. Res. 616 Reported to House. Rule provides for one hour of general debate on the bills. H.R. 4800 shall be considred for amendment under a modified open rule. H.R. 4457 and H.R. 4453 shall be considred for amendment under a closed rule.
May 2, 2014

Placed on the Union Calendar, Calendar No. 317.
May 2, 2014

Reported (Amended) by the Committee on Ways and Means. H. Rept. 113-429.
Apr 29, 2014

Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 21 - 13.
Apr 29, 2014

Committee Consideration and Mark-up Session Held.
Apr 10, 2014

Referred to the House Committee on Ways and Means.
Apr 10, 2014

Introduced in House

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