US Congress House Bill 892 (Prior Session Legislation)

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Sponsorship: Bipartisan Bill
Status: Introduced on February 28 2013 - 25% progression, died in committee
Action: 2013-02-28 - 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 2013 - 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 (IRAs) 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 2013

Rep. David Reichert [R-WA]	Rep. Ron Kind [D-WI]	Rep. David Loebsack [D-IA]	Rep. Erik Paulsen [R-MN]
Rep. Aaron Schock [R-IL]	Rep. Allyson Schwartz [D-PA]	Rep. Tim Walberg [R-MI]

Date	Chamber	Action
2013-02-28	House	Referred to the House Committee on Ways and Means.

SB1855 (Related) 2013-12-18 - Read twice and referred to the Committee on Finance.
HB4454 (Related) 2014-05-02 - Placed on the Union Calendar, Calendar No. 318.
SB2260 (Related) 2014-05-07 - Motion to proceed to consideration of measure made in Senate. (consideration: CR S2763-2768)

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/892/all-info
Text	https://www.congress.gov/113/bills/hr892/BILLS-113hr892ih.pdf