Permanent S Corporation Built-in Gains Recognition Period Act of 2014

S Corporation Permanent Tax Relief Act of 2014 - Amends the Internal Revenue Code, with respect to the taxation of S corporations, to make permanent: (1) the reduction of the period (10 to 5 years) during which the built-in gains of such corporations are subject to tax, and (2) the rule requiring an adjustment to the basis of an shareholder's stock in an S corporation that makes tax deductible contributions of appreciated property.

Prohibits the entry of the budgetary effects of this Act on any PAYGO (Pay As You Go) scorecard.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov