S Corporation Modernization Act of 2016
Latest action · Jul 13, 2016 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.
- IntroducedJul 13, 2016
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
S Corporation Modernization Act of 2016
This bill amends the Internal Revenue Code, with respect to the tax treatment of S corporations, to:
- allow a nonresident alien to be a qualifying beneficiary of an electing small business trust (ESBT), which is a type of trust that is permitted to hold shares in an S corporation;
- allow S corporations to increase passive investment income from 25% to 60% without incurring additional taxes;
- eliminate a provision terminating the S corporation status of corporations with excessive passive income for three consecutive years;
- allow any S corporation bank to have individual retirement account shareholders;
- allow ESBTs to claim expanded tax deductions for charitable contributions; and
- allow an adjustment to the basis of an S corporation's assets upon the death of a shareholder, in the form of a 15-year amortization deduction.
Cosponsors 3
Members who signed on, in the order they did. Signatures ran from Jul 13, 2016 to Sep 13, 2016, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-WI | Ron Kind | Original | Jul 13, 2016 |
| R-MN | Erik Paulsen | Sep 13, 2016 | |
| R-OH | James B. Renacci | Sep 13, 2016 |
Actions 2
Everything that happened, newest first.
- Jul 13, 2016Introduced in House
- Jul 13, 2016Referred to the House Committee on Ways and Means.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 3181 | S Corporation Modernization Act of 2016 | Identical bill | Jul 13, 2016 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jul 13, 2016Introduced 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.