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12/19/2007--Introduced.<br/>S Corporation Modernization Act of 2007 - Amends the Internal Revenue Code to revise the tax treatment of S corporations, including by: (1) reducing from 10 to 7 years the period during which S corporation built-in gains are subject to tax; (2) allowing nonresident aliens to qualify as beneficiaries of an electing small business trust (ESBT); (3) repealing mandatory termination of S corporation elections for excessive passive investment income; (4) allowing S corporations to increase passive investment income from 25 to 60% without incurring additional tax; (5) allowing individual retirement accounts to be S corporation shareholders; and (6) allowing ESBTs to claim expanded charitable tax deductions.<br/>Directs the Comptroller General to study and report to Congress on entity neutrality under the Internal Revenue Code with respect to S corporations, limited liability companies, and other pass-through entities.

1198040400 2007-12-19 Fri Nov 07 04:06:32 -0600 2008 introduced 48286 'act':4 '2007':6 'corpor':2 'modern':3 56536 false short introduced 48286 '1986':8 'code':6 'amend':2 'corpor':13 'intern':4 'provid':10 'purpos':18 'reform':14 'revenu':5 55886 false official introduced 48286 1198040400 Wed Dec 19 00:00:00 -0600 2007 141247 K000188 1963-03-16 1406 Longworth House Office Building http://www.house.gov/kind/contact.shtml 3 202-225-5739 Ronald 'd':4 '-3':6 'wi':5 'rep':1 'ron':9 'kind':3,8,11 'ronald':2,7,10 M 400218 Kind Ron_Kind James Rep. Ronald Kind [D, WI-3] Ron N00004403 6085 Democrat 202-225-5506 Lutheran WI Ron Ronald Kind 4.4 http://www.house.gov/kind/ repronkind E000187 1956-06-20 Philip 'phil':5 'philip':1,3,6 'english':2,4,7 M 400123 English Phil_English Philip English Phil N00001427 4992 Republican Roman Catholic Philip English J000174 1930-10-11 1211 Longworth House Office Building http://www.house.gov/formsamjohnson/IMA/issue.htm 3 202-225-1485 Samuel 'r':4 '-3':6 'tx':5 'rep':1 'sam':9 'samuel':2,7,10 'johnson':3,8,11 M 400206 Johnson Sam_Johnson Robert Rep. Samuel Johnson [R, TX-3] Sam N00008028 5947 Republican 202-225-4201 Methodist TX Sam Samuel Johnson 7.0 http://samjohnson.house.gov J000284 1949-09-10 Stephanie 'jone':2,4,6 'stephani':1,3,5 F 400208 Jones Stephanie_Tubbs_Jones Tubbs Stephanie Jones N00003561 6552 Democrat Baptist Stephanie Jones K000365 1949-12-12 1232 Longworth House Office Building http://kagen.house.gov/issue_subscribe.shtml 8 202-225-5729 Steve 'd':4 '-8':6 'wi':5 'rep':1 'kagen':3,8,10 'steve':2,7,9 M 412240 Kagen Steven_Kagen Rep. Steve Kagen [D, WI-8] N00027618 7470 Democrat 202-225-5665 WI Steve Kagen 5.52941176470588 http://kagen.house.gov/ CongressmanKagen K000363 1947-09-06 1429 Longworth House Office Building http://kline.house.gov/index.cfm?FuseAction=ContactInformation.ContactForm&To=mn02hwyr@housemail.house.gov&CFID=22307054&CFTOKEN=28173710 2 202-225-2595 John 'r':4 '-2':6 'mn':5 'rep':1 'john':2,7,9 'kline':3,8,10 M 400224 Kline John_Kline P. Rep. John Kline [R, MN-2] N00004436 6651 Republican 202-225-2271 Methodist MN John Kline 4.8 http://kline.house.gov/ RepJohnKline R000033 1946-05-06 James 'jim':5 'jame':1,3,6 'ramstad':2,4,7 M 400332 Ramstad Jim_Ramstad M. James Ramstad Jim N00004484 5171 Republican Protestant James Ramstad S001162 1948-10-03 423 Cannon House Office Building http://schwartz.house.gov/issue_subscribe.shtml 13 202-226-0611 Allyson 'd':4 'pa':5 '-13':6 'rep':1 'allyson':2,7,9 'schwartz':3,8,10 F 400647 Schwartz Allyson_Y._Schwartz Y. Rep. Allyson Schwartz [D, PA-13] N00001579 6146 Democrat 202-225-6111 PA Allyson Schwartz 2.71428571428571 http://schwartz.house.gov/ RepAllysonSchwartz introduced 48286 1198040400 Wed Dec 19 00:00:00 -0600 2007 141247 action 48286 1198040400 Wed Dec 19 00:00:00 -0600 2007 141248 Referred to the House Committee on Ways and Means.