S Corporation Modernization Act of 2008

Summary

S Corporation Modernization Act of 2008 - Amends the Internal Revenue Code to revise the tax treatment of S corporations by: (1) reducing from 10 to seven 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; and (6) allowing ESBTs to claim expanded charitable tax deductions.

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Timeline

1. 22 May 2008

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 22 May 2008

   Introduced

   Sponsor introductory remarks on measure. (CR S4803)

   Source: IntroReferral

3. 22 May 2008

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 22 May 2008 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 22 May 2008

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 22 May 2008

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 22 May 2008

  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. Lincoln, Blanche L. [D-AR] · D · Sponsor
• Sen. Hatch, Orrin G. [R-UT] · R · Sponsor
• Sen. Cardin, Benjamin L. [D-MD] · D · Sponsor
• Sen. Smith, Gordon H. [R-OR] · R · Sponsor
• Sen. Snowe, Olympia J. [R-ME] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → S Corporation Modernization Act of 2007
• related to → Small Business and Work Opportunity Act of 2007