S. 3948 · 111th Congress
Regulated Investment Company Modernization Act of 2010
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BingamanSponsor
Regulated Investment Company Modernization Act of 2010 - Amends the Internal Revenue Code, with respect to regulated investment companies (RICs), to: (1) allow an unlimited carryforward of the net capital losses of RICs; (2) eliminate restrictions on the investment of RICs in commodities; (3) limit penalties for the failure of RICs to satisfy gross income…
What it does: CRS summary · Introduced in Senate · Nov 17, 2010
Regulated Investment Company Modernization Act of 2010 - Amends the Internal Revenue Code, with respect to regulated investment companies (RICs), to: (1) allow an unlimited carryforward of the net capital losses of RICs; (2) eliminate restrictions on the investment of RICs in commodities; (3) limit penalties for the failure of RICs to satisfy gross income and asset tests; (4) modify rules for allocating RIC capital gain dividend distributions; (5) include certain nondeductible items of RIC income in earnings and profit calculations; (6) allow RICs that invest exclusively in the shares of other RICs to pass through to their shareholders tax-exempt interest and foreign tax credits, without regard to certain investment limitations; (7) modify rules relating to the declaration of RIC dividends, return of capital distributions, and stock redemptions; (8) allow certain RICs with shares that are redeemable upon demand to treat distributions in redemption of stock as an exchange of fund shares or a dividend for tax purposes; (9) allow a deferral of end-of-year losses of RICs; (10) exempt certain regularly declared exempt-interest dividends of RICs from holding period requirements; (11) increase the annual amount of capital gain net income of RICs required to be distributed; and (12) modify excise tax and penalty rules applicable to RICs.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Regulated Investment Company Modernization Act of 2010
Latest action (Nov 17, 2010): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Nov 17, 2010
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.