S Corporation Modernization Act of 2015

Summary

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.

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Timeline

1. 16 June 2015

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 16 June 2015

   Introduced

   Introduced in House

   Source: IntroReferral

3. 16 June 2015

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 16 June 2015 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 16 June 2015

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 16 June 2015

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 16 June 2015

  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. Reichert, David G. [R-WA-8] · R · Sponsor
• Rep. Kind, Ron [D-WI-3] · D · Sponsor
• Rep. Marchant, Kenny [R-TX-24] · R · Cosponsor
• Rep. Tiberi, Patrick J. [R-OH-12] · R · Cosponsor
• James Renacci · R · Cosponsor
• Rep. Paulsen, Erik [R-MN-3] · R · Cosponsor
• · hswm00 · Standing

Related records

• related to → Permanent S Corporation Built-in Gain Recognition Period Act of 2015
• related to → Permanent S Corporation Charitable Contribution Act of 2015
• related to ← A bill to amend the Internal Revenue Code of 1986 to make permanent the reduced recognition period for built-in gains for S corporations.