PRIA Logo™
114-hr-2788114th Congress

S Corporation Modernization Act of 2015

Sponsored By: Representative Reichert, David G. [R-WA-8]

Unknown

Summary

S Corporation Modernization Act of 2015  Amends the Internal Revenue Code to revise the tax treatment of S corporations by: (1) permanently reducing from 10 to 5 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 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.

Personalized for You

How does this bill affect your finances?

Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.

Free to download

Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & CoSponsors

Sponsor

Reichert, David G. [R-WA-8]

WA • R

Cosponsors

  • Rep. Kind, Ron [D-WI-3]

    WI • D

    Sponsored 6/16/2015

  • Rep. Marchant, Kenny [R-TX-24]

    TX • R

    Sponsored 6/17/2015

  • PATRICK TIBERI

    OH • R

    Sponsored 6/18/2015

  • Rep. Renacci, James B. [R-OH-16]

    OH • R

    Sponsored 6/25/2015

  • Rep. Paulsen, Erik [R-MN-3]

    MN • R

    Sponsored 7/7/2015

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
Back to Legislation