US Congress House Bill 2788 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Republican 5-1)
Status: Introduced on June 16 2015 - 25% progression, died in committee
Action: 2015-06-16 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

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.

S Corporation Modernization Act of 2015

Rep. David Reichert [R-WA]	Rep. Ron Kind [D-WI]	Rep. Kenny Marchant [R-TX]	Rep. Patrick Tiberi [R-OH]
Rep. James Renacci [R-OH]	Rep. Erik Paulsen [R-MN]

Date	Chamber	Action
2015-06-16	House	Referred to the House Committee on Ways and Means.
2015-06-16	House	Introduced in House

HB629 (Related) 2015-02-09 - Placed on the Union Calendar, Calendar No. 9.
HB630 (Related) 2015-02-09 - Placed on the Union Calendar, Calendar No. 10.
SB1905 (Related) 2015-07-30 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/2788/all-info
Text	https://www.congress.gov/114/bills/hr2788/BILLS-114hr2788ih.pdf