S. 3254 · 110th Congress
A bill to amend the Internal Revenue Code of 1986 to allow banks to be taxed as limited liability companies…
Full title
A bill to amend the Internal Revenue Code of 1986 to allow banks to be taxed as limited liability companies, and for other purposes.
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Never voted on. It didn't reach a floor vote before the 110th 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.
Amends the Internal Revenue Code to allow a state-chartered banking entity to elect to be treated as a partnership or separate entity for tax purposes if it is organized as a limited liability company under state law and has Federal Deposit Insurance Corporation (FDIC) insurance.
What it does: CRS summary · Introduced in Senate · Jul 11, 2008
Amends the Internal Revenue Code to allow a state-chartered banking entity to elect to be treated as a partnership or separate entity for tax purposes if it is organized as a limited liability company under state law and has Federal Deposit Insurance Corporation (FDIC) insurance. Exempts such an entity from treatment as a bank under the Internal Revenue Code for purposes of its bad debts, losses, gains from the sale of its securities, and the taxation of its common trust funds.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: A bill to amend the Internal Revenue Code of 1986 to allow banks to be taxed as limited liability companies, and for other purposes.
Latest action (Jul 11, 2008): Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6606-6607)
Policy area: Taxation · Origin: Senate · Introduced: Jul 11, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.