U.S. Congress - S.3063 S Corporation Modernization Act of 2008
S.3063 - S Corporation Modernization Act of 2008
A bill to amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes. view all titles (2)
All Bill Titles
- Short: S Corporation Modernization Act of 2008 as introduced.
- Official: A bill to amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes. as introduced.
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Official Summary
5/22/2008--Introduced.S Corporation Modernization Act of 2008 - Amends the Internal Revenue Code to revise the tax treatment of S corporations by: (1) reducing from 10 to seven years the period during which S corporation built-in gains are subject to tax; (2) repealing mandatory terminatioOfficial Summary
5/22/2008--Introduced.S Corporation Modernization Act of 2008 - Amends the Internal Revenue Code to revise the tax treatment of S corporations by:
(1) reducing from 10 to seven 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; and
(6) allowing ESBTs to claim expanded charitable tax deductions.
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Recent Blog Coverage
S.3063 - OpenCongress
Mar 3, 2010. H.J.Res. 77: Disapproving a rule submitted by the Environmental Protection Agency relating to the endangerment finding and the cause or contribute findings ... Source: AELLA.ORG ... S.3063 - Invasive Species Emergency Response Fund Act Introdu
clinicians with not enough to do: SELLING THOSE REVIEW COPIES ...
S. 3063--A 3. 1 or promised, for adopting specific course materials required for course-. 2 work or instruction; with the exception that the employee may receive:. 3 1. sample copies, instructor's copies, or instructional material, that ...
NFIB.com - NFIB/Tennessee Small Business Update -- July 22, 2008
S Corporation Modernization Act: S. 3063/H.R. 4840 would increase access to capital by reducing S corporation ownership restrictions and modernizes the rules that apply to firms that have selected S corporation status. ...
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