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HR 1478 112th Congress House Taxation Accounting and auditing Business investment and capital Capital gains tax Employee benefits and pensions Income tax deductions Income tax exclusion Securities Small business Social work, volunteer service, charitable organizations Tax administration and collection, taxpayers

S Corporation Modernization Act of 2011

Introduced: December 8, 2011 See on congress.gov
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This bill died when the 112th Congress ended
It never became law before the 112th Congress (2011–2012) 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
Apr 12, 2011
Referred to the House Committee on Ways and Means.
Apr 12, 2011
Introduced in House
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 Plain-English summary Congressional Research Service

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.

What's happening now April 12, 2011

Referred to the House Committee on Ways and Means.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 5
All 5 Democratic 1 Republican 1
D
Neal, Richard E.
Massachusetts · Jul 11, 2012
Paulsen, Erik
· May 16, 2012
 R
Sessions, Pete
Texas · May 15, 2012
TIBERI, PATRICK
· Dec 8, 2011
HERGER, WALLY
· Aug 30, 2011
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1478: S Corporation Modernization Act of 2011. 112th Congress. Open America. https://openamerica.io/bill/112-HR-1478/
MLA
"H.R. 1478: S Corporation Modernization Act of 2011." 112th Congress, 2026, Open America, https://openamerica.io/bill/112-HR-1478/.
Bluebook (legal)
H.R. 1478, 112th Cong. (2026), https://openamerica.io/bill/112-HR-1478/.
Markdown link
[H.R. 1478: S Corporation Modernization Act of 2011](https://openamerica.io/bill/112-HR-1478/)
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