S Corporation Modernization Act of 2015
Latest action · Jun 16, 2015 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.
- IntroducedJun 16, 2015
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
S Corporation Modernization Act of 2015
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 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 5
Members who signed on, in the order they did. Signatures ran from Jun 16, 2015 to Jul 7, 2015, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-WI | Ron Kind | Original | Jun 16, 2015 |
| R-TX | Kenny Marchant | Jun 17, 2015 | |
| R-OH | Patrick J. Tiberi | Jun 18, 2015 | |
| R-OH | James B. Renacci | Jun 25, 2015 | |
| R-MN | Erik Paulsen | Jul 7, 2015 |
Actions 2
Everything that happened, newest first.
- Jun 16, 2015Introduced in House
- Jun 16, 2015Referred 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 |
|---|---|---|---|
| HR 629 | Permanent S Corporation Built-in Gain Recognition Period Act of 2015 | Related bill | Feb 9, 2015 |
| HR 630 | Permanent S Corporation Charitable Contribution Act of 2015 | Related bill | Feb 9, 2015 |
| S 1905 | 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 | Jul 30, 2015 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jun 16, 2015Introduced 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.