US Congress Senate Bill 996 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on May 7 2009 - 25% progression, died in chamber
Action: 2009-05-07 - Read twice and referred to the Committee on Finance.
Text: Latest bill text (Introduced) [PDF]

S Corporation Modernization Act of 2009 - Amends the Internal Revenue Code to revise the tax treatment of S corporations by: (1) permanently reducing from 10 to 7 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 2009

Sen. Orrin Hatch [R-UT]

Sen. Blanche Lincoln [D-AR]

Date	Chamber	Action
2009-05-07		Read twice and referred to the Committee on Finance.
2009-05-07		Sponsor introductory remarks on measure. (CR S5283-5284)

HB2910 (Same As) 2009-06-17 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/senate-bill/996/all-info
Text	https://www.congress.gov/111/bills/s996/BILLS-111s996is.pdf