S Corporation Modernization Act of 2020

Summary

S Corporation Modernization Act of 2020 This bill amends the Internal Revenue Code, with respect to the tax treatment of S corporations, to allow S corporations to increase passive investment income from 25% to 60% without incurring additional taxes; eliminate a provision terminating the S corporation status of corporations with excessive passive income in three consecutive years; allow any S corporation to have individual retirement accounts as shareholders; and allow an adjustment to the basis of an S corporation's assets upon the death of a shareholder, in the form of a 15-year amortization deduction.

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Timeline

1. 16 January 2020

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 16 January 2020

   Introduced

   Introduced in House

   Source: IntroReferral

3. 16 January 2020

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 16 January 2020 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 16 January 2020

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 16 January 2020

  ViewDownloadOpen at official source

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  Vertaal document

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• Introduced in House

  summary · EN · 16 January 2020

  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. Wenstrup, Brad R. [R-OH-2] · R · Sponsor
• · hswm00 · Standing

Related records

• related to → S Corporation Modernization Act of 2019