US Congress Senate Bill 3948 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on November 17 2010 - 25% progression, died in chamber
Action: 2010-11-17 - Read twice and referred to the Committee on Finance.
Text: Latest bill text (Introduced) [PDF]

Regulated Investment Company Modernization Act of 2010 - Amends the Internal Revenue Code, with respect to regulated investment companies (RICs), to: (1) allow an unlimited carryforward of the net capital losses of RICs; (2) eliminate restrictions on the investment of RICs in commodities; (3) limit penalties for the failure of RICs to satisfy gross income and asset tests; (4) modify rules for allocating RIC capital gain dividend distributions; (5) include certain nondeductible items of RIC income in earnings and profit calculations; (6) allow RICs that invest exclusively in the shares of other RICs to pass through to their shareholders tax-exempt interest and foreign tax credits, without regard to certain investment limitations; (7) modify rules relating to the declaration of RIC dividends, return of capital distributions, and stock redemptions; (8) allow certain RICs with shares that are redeemable upon demand to treat distributions in redemption of stock as an exchange of fund shares or a dividend for tax purposes; (9) allow a deferral of end-of-year losses of RICs; (10) exempt certain regularly declared exempt-interest dividends of RICs from holding period requirements; (11) increase the annual amount of capital gain net income of RICs required to be distributed; and (12) modify excise tax and penalty rules applicable to RICs.

Regulated Investment Company Modernization Act of 2010

Sen. Jeff Bingaman [D-NM]

Sen. Mike Crapo [R-ID]

Sen. John Kerry [D-MA]

Date	Chamber	Action
2010-11-17		Read twice and referred to the Committee on Finance.

HB4337 (Related) 2010-12-22 - Became Public Law No: 111-325.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/senate-bill/3948/all-info
Text	https://www.congress.gov/111/bills/s3948/BILLS-111s3948is.pdf