S 1656
111th Congress
Senate
Taxation
Income tax rates
Marine and inland water transportation
Small business
A bill to amend the Internal Revenue Code of 1986 to provide for the treatment of S corporations for purposes of election of the alternative tax on qualifying shipping activities, and for other purposes.
Introduced: September 9, 2009
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 9, 2009
Read twice and referred to the Committee on Finance.
Sep 9, 2009
Introduced in Senate
Plain-English summary
Amends the Internal Revenue Code to provide for the tax treatment of the notional shipping income of S corporation shareholders by requiring the inclusion of such income for purposes of the alternative tax on qualifying shipping activities and by imposing a 15% surtax on certain differential amounts related to such income.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1