H.R. 4421 · 109th Congress
S Corporation Reform Act of 2005
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
ShawSponsor6 cosponsors · 6 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
S Corporation Reform Act of 2005 - Amends the Internal Revenue Code to revise the tax treatment of S corporations, including by: (1) reducing from 10 to 7 years the the period during which S corporation built-in gains are subject to tax; (2) allowing S corporations to issue preferred stock and convertible debt instruments; (3) repealing restrictions on S…
What it does: CRS summary · Introduced in House · Nov 18, 2005
S Corporation Reform Act of 2005 - Amends the Internal Revenue Code to revise the tax treatment of S corporations, including by: (1) reducing from 10 to 7 years the the period during which S corporation built-in gains are subject to tax; (2) allowing S corporations to issue preferred stock and convertible debt instruments; (3) repealing restrictions on S corporation passive income deemed excessive; (4) allowing S corporations to increase passive investment income from 25% to 60% without incurring additional tax; (5) providing a rule for the adjustment of the basis of S corporation stock for certain charitable contributions; (6) allowing nonresident aliens and individual retirement accounts to hold stock in S corporations; and (7) revising rules for the waiver of inadvertent invalid elections or terminations of S corporation status.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: S Corporation Reform Act of 2005
Latest action (Nov 18, 2005): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Nov 18, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.