Small Business and Financial Institutions Tax Relief Act of 1998

Summary

Small Business and Financial Institutions Tax Relief Act of 1998 - Amends the Internal Revenue Code to permit S corporation eligible shareholders to include individual retirement accounts. (Sec. 3) Excludes investment securities income held by a bank from passive income limits for purposes of S status termination. (Sec. 4) Increases the number of eligible S corporation shareholders. (Sec. 5) States 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. (Sec. 6) Directs the Secretary of the Treasury to modify a certain Regulation to permit an S corporation bank to charge certain bad debt deductions over a related bad debt reserve recapture period. (Sec. 7) Includes all banks within the three-year deduction preference rule.

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Timeline

1. 11 September 1998

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 11 September 1998

   Introduced

   Introduced in House

   Source: IntroReferral

3. 11 September 1998

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 11 September 1998 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 11 September 1998

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 11 September 1998

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 11 September 1998

  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. Roukema, Marge [R-NJ-5] · R · Sponsor
• Rep. Bachus, Spencer [R-AL-6] · R · Cosponsor
• Rep. Sessions, Pete [R-TX-17] · R · Cosponsor
• Rep. Ehrlich, Robert L., Jr. [R-MD-2] · R · Cosponsor
• Rep. Parker, Mike [R-MS-4] · R · Cosponsor
• Rep. Hefley, Joel [R-CO-5] · R · Cosponsor
• Rep. Bereuter, Doug [R-NE-1] · R · Cosponsor
• Rep. Schaffer, Bob [R-CO-4] · R · Cosponsor
• Rep. Skaggs, David E. [D-CO-2] · D · Cosponsor
• Rep. DeGette, Diana [D-CO-1] · D · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Small Business and Financial Institutions Tax Relief Act of 1998