Small Business and Financial Institutions Tax Relief Act of 2001

Summary

Small Business and Financial Institutions Tax Relief Act of 2001 - Amends the Internal Revenue Code, with respect to S corporations, to, among other things: (1) permit a trust constituting an individual retirement account as an S corporation bank shareholder; (2) exclude certain investment income from the definition of passive income for an S corporation bank; (3) increase the maximum number of shareholders a small business organization may have to be eligible to elect S corporation treatment; (4) state that stock held by a bank director as required by banking regulations (director qualifying stock) shall not be considered a disqualifying second class of S corporation stock; (5) direct the Secretary of the Treasury to modify a certain regulation to permit an S corporation bank to treat certain bad debt deductions as built-in losses during the entire period during which the bank recognized built-in gains from changing its accounting method for recognizing bad debts from the reserve method to the charge-off method; (6) include all banks within the three-year deduction preference rule; (7) reduce from 100 percent to 90 percent the percentage of shares held by shareholders necessary for consent to election by a small business organization to be an S corporation; (8) revise exceptions to the criteria for the treatment of certain wholly owned subchapter S subsidiaries with reference to required information returns; and (9) permit S corporations to make charitable contributions of inventory and scientific property.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 28 March 2001

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 28 March 2001

   Introduced

   Introduced in House

   Source: IntroReferral

3. 28 March 2001

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 28 March 2001 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 28 March 2001

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 28 March 2001

  ViewDownloadOpen at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in House

  summary · EN · 28 March 2001

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. McInnis, Scott [R-CO-3] · R · Sponsor
• Rep. Hefley, Joel [R-CO-5] · R · Sponsor
• Rep. Tancredo, Thomas G. [R-CO-6] · R · Sponsor
• Rep. Schaffer, Bob [R-CO-4] · R · Sponsor
• Sen. Udall, Mark [D-CO] · D · Sponsor
• Rep. DeGette, Diana [D-CO-1] · D · Sponsor
• Rep. Turner, Jim [D-TX-2] · D · Cosponsor
• Rep. Nethercutt, George R., Jr. [R-WA-5] · R · Cosponsor
• Rep. Latham, Tom [R-IA-3] · R · Cosponsor
• · hswm00 · Standing

Related records

• related to → To provide for the review by Congress of proposed construction of court facilities.