US HB5643 | 2019-2020 | 116th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on January 16 2020 - 25% progression, died in committee
Action: 2020-01-16 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on January 16 2020 - 25% progression, died in committee
Action: 2020-01-16 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Amends the Internal Revenue Code, with respect to the tax treatment of S corporations, to 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 in three consecutive years; allow any S corporation to have individual retirement accounts as shareholders; 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.
Title
S Corporation Modernization Act of 2020
Sponsors
Rep. Ron Kind [D-WI] | Rep. Brad Wenstrup [R-OH] |
History
Date | Chamber | Action |
---|---|---|
2020-01-16 | House | Referred to the House Committee on Ways and Means. |
2020-01-16 | House | Introduced in House |
Same As/Similar To
SB2156 (Related) 2019-07-18 - Read twice and referred to the Committee on Finance. (text: CR S4950-4952)
Subjects
Capital gains tax
Corporate finance and management
Employee benefits and pensions
Financial services and investments
Income tax deductions
Income tax rates
Sales and excise taxes
Securities
Small business
Tax administration and collection, taxpayers
Taxation
Corporate finance and management
Employee benefits and pensions
Financial services and investments
Income tax deductions
Income tax rates
Sales and excise taxes
Securities
Small business
Tax administration and collection, taxpayers
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/house-bill/5643/all-info |
Text | https://www.congress.gov/116/bills/hr5643/BILLS-116hr5643ih.pdf |