US Congress House Bill 1478 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Republican 5-3)
Status: Introduced on April 12 2011 - 25% progression, died in committee
Action: 2011-04-12 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

S Corporation Modernization Act of 2011 - 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 (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.

S Corporation Modernization Act of 2011

Rep. David Reichert [R-WA]	Rep. Wally Herger [R-CA]	Rep. Ron Kind [D-WI]	Rep. Richard Neal [D-MA]
Rep. Erik Paulsen [R-MN]	Rep. Allyson Schwartz [D-PA]	Rep. Pete Sessions [R-TX]	Rep. Patrick Tiberi [R-OH]

Date	Chamber	Action
2011-04-12	House	Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/1478/all-info
Text	https://www.congress.gov/112/bills/hr1478/BILLS-112hr1478ih.pdf