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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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 23 July 1998

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 23 July 1998

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• Introduced in Senate

  summary · EN · 23 July 1998

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