S. 3838 · 109th Congress
S Corporation Reform Act of 2006
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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
HatchSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
S Corporation Reform Act of 2006 - Amends Internal Revenue Code provisions relating to S corporations to: (1) allow nonresident aliens and individual retirement accounts to be S corporation shareholders; (2) revise S corporation eligibility rules to permit the issuance of preferred stock, remove certain restrictions on the issuance of convertible debt and S…
What it does: CRS summary · Introduced in Senate · Aug 3, 2006
S Corporation Reform Act of 2006 - Amends Internal Revenue Code provisions relating to S corporations to: (1) allow nonresident aliens and individual retirement accounts to be S corporation shareholders; (2) revise S corporation eligibility rules to permit the issuance of preferred stock, remove certain restrictions on the issuance of convertible debt and S corporation passive investment income, and allow for adjustments to the stock basis resulting from S corporation charitable contributions; (3) revise tax treatment of certain S corporation stock losses and allow a tax deduction for loan interest incurred by an electing small business trust (ESBT) to acquire S corporation stock; (4) permit certain banks to qualify for an S corporation election; (5) set forth a rule for the tax treatment of the sale of an interest in a qualified S corporation subsidiary; (6) repeal the LIFO recapture tax with respect to S corporations; (7) extend the post-termination transition period for S corporations; (8) reduce tax rates on S corporation excess passive income; and (9) increase the cap on small issue bonds applicable to certain S corporation banks.
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 2006
Latest action (Aug 3, 2006): Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S8852-8855)
Policy area: Taxation · Origin: Senate · Introduced: Aug 3, 2006
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.