H.R. 2788 · 114th Congress
S Corporation Modernization Act of 2015
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
ReichertSponsor5 cosponsors · 1 D, 4 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Amends the Internal Revenue Code to revise the tax treatment of S corporations by: (1) permanently reducing from 10 to 5 years the period during which S corporation built-in gains are subject to tax, (2) repealing mandatory termination of S corporation elections for excessive passive investment income, (3) allowing S corporations to increase passive…
What it does: CRS summary · Introduced in House · Jun 16, 2015
S Corporation Modernization Act of 2015
Amends the Internal Revenue Code to revise the tax treatment of S corporations by: (1) permanently reducing from 10 to 5 years the period during which S corporation built-in gains are subject to tax, (2) repealing mandatory termination of S corporation elections for excessive passive investment income, (3) allowing S corporations to increase passive investment income from 25 to 60% without incurring additional tax, (4) allowing nonresident aliens to be potential current beneficiaries of an electing small business trust (ESBT), (5) allowing individual retirement accounts to be S corporation shareholders, (6) allowing ESBTs to claim expanded charitable tax deductions, and (7) making permanent the rule requiring a basis adjustment to stock of an S corporation making charitable contributions of property.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: S Corporation Modernization Act of 2015
Latest action (Jun 16, 2015): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jun 16, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.