S Corporation Modernization Act of 2007

Summary

S Corporation Modernization Act of 2007 - Amends the Internal Revenue Code to revise the tax treatment of S corporations, including by: (1) reducing from 10 to 7 years the period during which S corporation built-in gains are subject to tax; (2) allowing nonresident aliens to qualify as beneficiaries of an electing small business trust (ESBT); (3) repealing mandatory termination of S corporation elections for excessive passive investment income; (4) allowing S corporations to increase passive investment income from 25 to 60% without incurring additional tax; (5) allowing individual retirement accounts to be S corporation shareholders; and (6) allowing ESBTs to claim expanded charitable tax deductions. Directs the Comptroller General to study and report to Congress on entity neutrality under the Internal Revenue Code with respect to S corporations, limited liability companies, and other pass-through entities.

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

Timeline

1. 19 December 2007

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 19 December 2007

   Introduced

   Introduced in House

   Source: IntroReferral

3. 19 December 2007

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 19 December 2007 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 19 December 2007

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 19 December 2007

  ViewDownloadOpen at official source

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  Vertaal document

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• Introduced in House

  summary · EN · 19 December 2007

  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. Kind, Ron [D-WI-3] · D · Sponsor
• Rep. Ramstad, Jim [R-MN-3] · R · Sponsor
• Rep. Jones, Stephanie Tubbs [D-OH-11] · D · Sponsor
• Rep. English, Phil [R-PA-3] · R · Sponsor
• Rep. Schwartz, Allyson Y. [D-PA-13] · D · Sponsor
• Rep. Johnson, Sam [R-TX-3] · R · Sponsor
• Rep. Kagen, Steve [D-WI-8] · D · Sponsor
• Rep. Kline, John [R-MN-2] · R · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Small Business and Work Opportunity Act of 2007
• related to ← S Corporation Modernization Act of 2008