S Corporation Modernization Act of 2019
Latest action · Jul 18, 2019 Read twice and referred to the Committee on Finance. (text: CR S4950-4952)
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 18, 2019
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
S Corporation Modernization Act of 2019
This bill modifies the tax treatment of S corporations (pass thru entities) to
- increase from 25% to 60% of S corporation gross receipts the threshold for taxing S corporations with passive investment income;
- eliminate a provision terminating the status of S corporations with excessive passive investment income for three consecutive years;
- permit S corporations to have individual retirement accounts as shareholders;
- 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; and
- permit the Internal Revenue Service to treat a late revocation of S corporation status as timely if it finds there was reasonable cause for failure to make a timely revocation.
Cosponsors 2
Members who signed on, in the order they did. All signed on Jul 18, 2019.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MD | Benjamin L. Cardin | Original | Jul 18, 2019 |
| R-KS | Pat Roberts | Original | Jul 18, 2019 |
Actions 2
Everything that happened, newest first.
- Jul 18, 2019Introduced in Senate
- Jul 18, 2019Read twice and referred to the Committee on Finance. (text: CR S4950-4952)
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 5643 | S Corporation Modernization Act of 2020 | Related bill | Jan 16, 2020 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jul 18, 2019Introduced 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.