US Congress Senate Bill 711 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on March 23 2017 - 25% progression, died in committee
Action: 2017-03-23 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

S Corporation Modernization Act of 2017 This bill amends the Internal Revenue Code, with respect to the tax treatment of S corporations, to: allow a nonresident alien to be a qualifying beneficiary of an electing small business trust (ESBT), which is a type of trust that is permitted to hold shares in an S corporation; 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 for three consecutive years; allow any S corporation bank to have individual retirement account shareholders; allow ESBTs to claim expanded tax deductions for charitable contributions; 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 extend the time period for making S corporation elections.

S Corporation Modernization Act of 2017

Sen. John Thune [R-SD]	Sen. Benjamin Cardin [D-MD]	Sen. Pat Roberts [R-KS]	Sen. Tammy Baldwin [D-WI]
Sen. Debbie Stabenow [D-MI]

Date	Chamber	Action
2017-03-23	Senate	Read twice and referred to the Committee on Finance.

HB1696 (Same As) 2017-03-23 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/senate-bill/711/all-info
Text	https://www.congress.gov/115/bills/s711/BILLS-115s711is.pdf