United States · Bill · HR
H.R. 5643 (116th)
S Corporation Modernization Act of 2020
Introduced
16 January 2020
Last action
—
Status
Referred to the House Committee on Ways and Means.
Sponsors
—
Subjects
Discovery layer
Source updated
5 December 2025
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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Documents
3 official files
Introduced in House (text)
Introduced in House (text)
Introduced in House · EN · 16 January 2020
Introduced in House (PDF)
Introduced in House · EN · 16 January 2020
Introduced in House
summary · EN · 16 January 2020
Sponsors
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Sources
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- Official source: https://www.congress.gov/bill/116th-congress/house-bill/5643
- Open data entity: https://api.congress.gov/v3/bill/116/hr/5643