H.R. 5643 · 116th Congress
S Corporation Modernization Act of 2020
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
KindSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Internal Revenue Code, with respect to the tax treatment of S corporations, to
What it does: CRS summary · Introduced in House · Jan 16, 2020
S Corporation Modernization Act of 2020
This bill amends the Internal Revenue Code, with respect to the tax treatment of S corporations, to
- allow S corporations to increase passive investment income from 25% to 60% without incurring additional taxes;
- eliminate a provision terminating the S corporation status of corporations with excessive passive income in three consecutive years;
- allow any S corporation to have individual retirement accounts as shareholders; and
- allow an adjustment to the basis of an S corporation's assets upon the death of a shareholder, in the form of a 15-year amortization deduction.
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 2020
Latest action (Jan 16, 2020): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jan 16, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.