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

1. 18 July 2019

   Introduced

   Read twice and referred to the Committee on Finance. (text: CR S4950-4952)

   Source: IntroReferral

2. 18 July 2019

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 18 July 2019 · Download file

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

  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.

• Introduced in Senate

  summary · EN · 18 July 2019

  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

• Sen. Thune, John [R-SD] · R · Sponsor
• Sen. Cardin, Benjamin L. [D-MD] · D · Sponsor
• Sen. Roberts, Pat [R-KS] · R · Sponsor
• · ssfi00 · Standing

Related records

• related to ← S Corporation Modernization Act of 2020