S 711
115th Congress
Senate
Taxation
Capital gains tax
Charitable contributions
Corporate finance and management
Employee benefits and pensions
Financial services and investments
Income tax deductions
Income tax rates
Sales and excise taxes
Securities
Small business
Tax administration and collection, taxpayers
S Corporation Modernization Act of 2017
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 23, 2017
Read twice and referred to the Committee on Finance.
Mar 23, 2017
Introduced in Senate
Plain-English summary
S Corporation Modernization Act of 2017
This bill amends the Internal Revenue Code, with respect to the tax treatment of S corporations, to:
- allow a nonresident alien to be a qualifying beneficiary of an electing small business trust (ESBT), which is a type of trust that is permitted to hold shares in an S corporation;
- allow S corporations to increase passive investment income from 25% to 60% without incurring additional taxes;
- eliminate a provision terminating the S corporation status of corporations with excessive passive income for three consecutive years;
- allow any S corporation bank to have individual retirement account shareholders;
- allow ESBTs to claim expanded tax deductions for charitable contributions;
- allow an adjustment to the basis of an S corporation's assets upon the death of a shareholder, in the form of a 15-year amortization deduction; and
- extend the time period for making S corporation elections.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1