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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: April 12, 2011 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
Apr 12, 2011
Referred to the House Committee on Ways and Means.
Apr 12, 2011
Introduced in House
 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.

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