US Congress Senate Bill 2156 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Republican 2-1)
Status: Introduced on July 18 2019 - 25% progression, died in committee
Action: 2019-07-18 - Read twice and referred to the Committee on Finance. (text: CR S4950-4952)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

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.

S Corporation Modernization Act of 2019

Sen. John Thune [R-SD]

Sen. Benjamin Cardin [D-MD]

Sen. Pat Roberts [R-KS]

Date	Chamber	Action
2019-07-18	Senate	Read twice and referred to the Committee on Finance. (text: CR S4950-4952)

HB5643 (Related) 2020-01-16 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/2156/all-info
Text	https://www.congress.gov/116/bills/s2156/BILLS-116s2156is.pdf