Skip to main content
HR 4553 105th Congress House

Small Business and Financial Institutions Tax Relief Act of 1998

Official title: To amend the Internal Revenue Code of 1986 to expand S corporation eligibility for banks, and for other purposes.

Introduced: October 9, 1998 See on congress.gov
Taxation Administrative procedureBank directorsBank loansBusiness income tax
More subjectsShow fewer subjects
Business lossesCommerceCorporate debtCorporation taxesDepartment of the TreasuryFinance and Financial SectorGovernment Operations and PoliticsIncome taxIndividual retirement accountsInvestmentsLabor and EmploymentLawSecuritiesSmall businessStockholders
Sign in to write a letter Sign in to watch
This bill died when the 105th Congress ended
It never became law before the 105th Congress (1997–1998) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 11, 1998
Referred to the House Committee on Ways and Means.
Sep 11, 1998
Introduced in House
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Latest action September 11, 1998

Referred to the House Committee on Ways and Means.

 Plain-English summary Congressional Research Service

Small Business and Financial Institutions Tax Relief Act of 1998 - Amends the Internal Revenue Code to permit S corporation eligible shareholders to include individual retirement accounts.

(Sec. 3) Excludes investment securities income held by a bank from passive income limits for purposes of S status termination.

(Sec. 4) Increases the number of eligible S corporation shareholders.

(Sec. 5) States that stock held by a bank director as required by banking regulations (director qualifying stock) shall not be considered a disqualifying second class of S corporation stock.

(Sec. 6) Directs the Secretary of the Treasury to modify a certain Regulation to permit an S corporation bank to charge certain bad debt deductions over a related bad debt reserve recapture period.

(Sec. 7) Includes all banks within the three-year deduction preference rule.

 Related & companion bills 1
  • S 2346 Identical bill Small Business and Financial Institutions Tax Relief Act of 1998
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 1 Republican 1
D
DeGette, Diana
Colorado · Oct 15, 1998
BEREUTER, DOUGLAS
· Oct 9, 1998
 R
Sessions, Pete
Texas · Sep 24, 1998
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 4553: Small Business and Financial Institutions Tax Relief Act of 1998. 105th Congress. Open America. https://openamerica.io/bill/105-HR-4553/
MLA
"H.R. 4553: Small Business and Financial Institutions Tax Relief Act of 1998." 105th Congress, 2026, Open America, https://openamerica.io/bill/105-HR-4553/.
Bluebook (legal)
H.R. 4553, 105th Cong. (2026), https://openamerica.io/bill/105-HR-4553/.
Markdown link
[H.R. 4553: Small Business and Financial Institutions Tax Relief Act of 1998](https://openamerica.io/bill/105-HR-4553/)
Report a problem