S Corporation Modernization Act of 2013
Latest action · Feb 28, 2013 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.
- IntroducedFeb 28, 2013
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
S Corporation Modernization Act of 2013 - Amends the Internal Revenue Code to revise the tax treatment of S corporations by: (1) permanently reducing from 10 to 5 years the period during which S corporation built-in gains are subject to tax; (2) repealing mandatory termination of S corporation elections for excessive passive investment income; (3) allowing S corporations to increase passive investment income from 25 to 60% without incurring additional tax; (4) allowing nonresident aliens to be potential current beneficiaries of an electing small business trust (ESBT); (5) allowing individual retirement accounts (IRAs) to be S corporation shareholders; (6) allowing ESBTs to claim expanded charitable tax deductions; and (7) making permanent the rule requiring a basis adjustment to stock of an S corporation making charitable contributions of property.
Cosponsors 6
Members who signed on, in the order they did. Signatures ran from Feb 28, 2013 to Jul 26, 2013, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-WI | Ron Kind | Original | Feb 28, 2013 |
| R-MN | Erik Paulsen | Mar 13, 2013 | |
| D-PA | Allyson Y. Schwartz | Apr 17, 2013 | |
| R-IL | Aaron Schock | Jun 26, 2013 | |
| R-MI | Tim Walberg | Jul 23, 2013 | |
| D-IA | David Loebsack | Jul 26, 2013 |
Actions 2
Everything that happened, newest first.
- Feb 28, 2013Introduced in House
- Feb 28, 2013Referred to the House Committee on Ways and Means.
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1855 | A bill to amend the Internal Revenue Code of 1986 to make permanent the reduced recognition period for built-in gains for S corporations. | Related bill | Dec 18, 2013 |
| S 2260 | EXPIRE Act of 2014 | Related bill | May 7, 2014 |
| HR 4454 | Permanent S Corporation Charitable Contributions Act of 2014 | Related bill | May 2, 2014 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Accounting and auditing
- Business investment and capital
- Capital gains tax
- Charitable contributions
- Employee benefits and pensions
- Income tax deductions
- Income tax exclusion
- Securities
- Small business
- Social work, volunteer service, charitable organizations
- Tax administration and collection, taxpayers
- Taxation
Text 1
Each version as it was printed, newest first.
- Feb 28, 2013Introduced 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.