United States · Bill · HR
H.R. 1478 (112th)
S Corporation Modernization Act of 2011
Introduced
12 April 2011
Last action
12 April 2011 · Introduced
Status
Referred to the House Committee on Ways and Means.
Sponsors
David Reichert, RON KIND, Rep. Herger, Wally [R-CA-2], Rep. Schwartz, Allyson Y. [D-PA-13], PATRICK TIBERI, Pete Sessions, Erik Paulsen, Richard Neal
Subjects
Taxation
Source updated
14 August 2025
Summary
S Corporation Modernization Act of 2011 - 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 (IRAs) 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.
This text is taken from the official record. PoliticalRepo does not editorialize.
Timeline
12 April 2011
Introduced
Referred to the House Committee on Ways and Means.
Source: IntroReferral
12 April 2011
Introduced
Introduced in House
Source: IntroReferral
12 April 2011
Introduced
Introduced in House
Source: IntroReferral
Votes
No vote records are attached yet.
Versions
- Introduced in House · 12 April 2011 · Official file
Documents
3 official files
Introduced in House (text)
Introduced in House (text)
Introduced in House · EN · 12 April 2011
Introduced in House (PDF)
Introduced in House · EN · 12 April 2011
Introduced in House
summary · EN · 12 April 2011
Sponsors
- David Reichert · R · Sponsor
- RON KIND · D · Sponsor
- Rep. Herger, Wally [R-CA-2] · R · Cosponsor
- Rep. Schwartz, Allyson Y. [D-PA-13] · D · Cosponsor
- PATRICK TIBERI · R · Cosponsor
- Pete Sessions · R · Cosponsor
- Erik Paulsen · R · Cosponsor
- Richard Neal · D · Cosponsor
- · hswm00 · Standing
Related records
No cross-record relationships stored yet.
Sources
PoliticalRepo is an index and interpretation layer, not the authoritative legal source.
- Official source: https://www.congress.gov/bill/112th-congress/house-bill/1478
- Open data entity: https://api.congress.gov/v3/bill/112/hr/1478
- us · 112-hr-1478 · source updated 14 August 2025