Small Business and Financial Institutions Tax Relief Act of 1998

Summary

Small Business and Financial Institutions Tax Relief Act of 1998 - Amends the Internal Revenue Code to permit S corporation eligible shareholders to include individual retirement accounts. (Sec. 3) Excludes investment securities income held by a bank from passive income limits for purposes of S status termination. (Sec. 4) Increases the number of eligible S corporation shareholders. (Sec. 5) States that stock held by a bank director as required by banking regulations (director qualifying stock) shall not be considered a disqualifying second class of S corporation stock. (Sec. 6) Directs the Secretary of the Treasury to modify a certain Regulation to permit an S corporation bank to charge certain bad debt deductions over a related bad debt reserve recapture period. (Sec. 7) Includes all banks within the three-year deduction preference rule.

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Timeline

1. 23 July 1998

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 23 July 1998

   Introduced

   Sponsor introductory remarks on measure. (CR S8920)

   Source: IntroReferral

3. 23 July 1998

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 23 July 1998 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 23 July 1998

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 23 July 1998

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 23 July 1998

  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. Allard, Wayne [R-CO] · R · Sponsor
• Sen. D'Amato, Alfonse [R-NY] · R · Sponsor
• Sen. Faircloth, Lauch [R-NC] · R · Sponsor
• Sen. Hagel, Chuck [R-NE] · R · Sponsor
• Sen. Enzi, Michael B. [R-WY] · R · Sponsor
• Sen. Bennett, Robert F. [R-UT] · R · Sponsor
• Sen. Mack, Connie, III [R-FL] · R · Sponsor
• Sen. Shelby, Richard C. [R-AL] · R · Sponsor
• Sen. Grams, Rod [R-MN] · R · Sponsor
• Sen. Abraham, Spencer [R-MI] · R · Cosponsor
• Sen. Cochran, Thad [R-MS] · R · Cosponsor
• Sen. Hatch, Orrin G. [R-UT] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Small Business and Financial Institutions Tax Relief Act of 1998