S Corporation Modernization Act of 2013

Summary

S Corporation Modernization Act of 2013 - 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 (IRAs) 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.

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

Timeline

1. 28 February 2013

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 28 February 2013

   Introduced

   Introduced in House

   Source: IntroReferral

3. 28 February 2013

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 28 February 2013 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 28 February 2013

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 28 February 2013

  ViewDownloadOpen at official source

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  Vertaal document

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• Introduced in House

  summary · EN · 28 February 2013

  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. Paulsen, Erik [R-MN-3] · R · Cosponsor
• Rep. Schwartz, Allyson Y. [D-PA-13] · D · Cosponsor
• Rep. Schock, Aaron [R-IL-18] · R · Cosponsor
• Rep. Walberg, Tim [R-MI-5] · R · Cosponsor
• Rep. Loebsack, David [D-IA-2] · D · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Permanent S Corporation Charitable Contributions Act of 2014
• 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.
• related to ← EXPIRE Act of 2014