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HR 242 106th Congress House Taxation Administrative procedure Bank directors Bank loans Business income tax Business losses Commerce Corporate debt Corporation taxes Department of the Treasury Finance and Financial Sector Government Operations and Politics Income tax Individual retirement accounts Investments Labor and Employment Law Loan defaults Securities Small business

Small Business and Financial Institutions Tax Relief Act of 1999

Introduced: January 6, 1999 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 6, 1999
Referred to the House Committee on Ways and Means.
Jan 6, 1999
Introduced in House
 Plain-English summary Congressional Research Service

Small Business and Financial Institutions Tax Relief Act of 1999 - 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.

What's happening now January 6, 1999

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 1 Republican 1