S Corporation Modernization Act of 2009

Summary

S Corporation Modernization Act of 2009 - Amends the Internal Revenue Code to revise the tax treatment of S corporations by: (1) permanently reducing from 10 to 7 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; (6) allowing ESBTs to claim expanded charitable tax deductions; and (7) making permanent the rule requiring a basis adjustment to stock of an S corporation making charitable contributions of property.

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Timeline

1. 7 May 2009

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 7 May 2009

   Introduced

   Sponsor introductory remarks on measure. (CR S5283-5284)

   Source: IntroReferral

3. 7 May 2009

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 7 May 2009 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 7 May 2009

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 7 May 2009

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 7 May 2009

  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
• · ssfi00 · Standing

Related records

• related to → S Corporation Modernization Act of 2009