S Corporation Modernization Act of 2019

Summary

S Corporation Modernization Act of 2019 This bill modifies the tax treatment of  S corporations (pass thru entities) to increase from 25% to 60% of S corporation gross receipts the threshold for taxing S corporations with passive investment income; eliminate a provision terminating the status of  S corporations with excessive passive investment income for three consecutive years; permit S corporations to have individual retirement accounts as shareholders; 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; and permit the Internal Revenue Service to treat a late revocation of  S corporation status as timely if it finds there was reasonable cause for failure to make a timely revocation.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 18 July 2019

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 18 July 2019

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 18 July 2019

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.