S. 2156 · 116th Congress
S Corporation Modernization Act of 2019
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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.
R
ThuneSponsor2 cosponsors · 1 D, 1 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill modifies the tax treatment of S corporations (pass thru entities) to
What it does: CRS summary · Introduced in Senate · Jul 18, 2019
S Corporation Modernization Act of 2019
This bill modifies the tax treatment of S corporations (pass thru entities) to
- increase from 25% to 60% of S corporation gross receipts the threshold for taxing S corporations with passive investment income;
- eliminate a provision terminating the status of S corporations with excessive passive investment income for three consecutive years;
- permit S corporations to have individual retirement accounts as shareholders;
- 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; and
- permit the Internal Revenue Service to treat a late revocation of S corporation status as timely if it finds there was reasonable cause for failure to make a timely revocation.
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 2019
Latest action (Jul 18, 2019): Read twice and referred to the Committee on Finance. (text: CR S4950-4952)
Policy area: Taxation · Origin: Senate · Introduced: Jul 18, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.