s 5 50853 1211428800 false 1211428800 3063 578 110 300068

5/22/2008--Introduced.<br/>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.

1211428800 2008-05-22 Fri Nov 07 18:43:37 -0600 2008 introduced 50853 'act':4 '2008':6 'corpor':2 'modern':3 61020 false short introduced 50853 '1986':10 'bill':2 'code':8 'amend':4 'corpor':15 'intern':6 'provid':12 'purpos':20 'reform':16 'revenu':7 60177 false official introduced 50853 1211428800 Thu May 22 00:00:00 -0500 2008 158211 L000035 1960-09-30 6014 355 Dirksen Senate Office Building http://lincoln.senate.gov/contact/email.cfm 202-228-1371 Blanche 'd':4 'ar':5 'sen':1 'blanch':2,6,8 'lincoln':3,7,9 F 300068 Lincoln Blanche_Lincoln Lambert Sen. Blanche Lincoln [D, AR] 2927 N00008092 10625 Democrat 202-224-4843 Episcopalian AR Blanche Lincoln 2.11111111111111 http://lincoln.senate.gov/ SenatorLincoln C000141 1943-10-05 3263 509 Hart Senate Office Building http://cardin.senate.gov/contact/email.cfm 202-224-1651 Benjamin 'd':4 'md':5 'sen':1 'cardin':3,7,9 'benjamin':2,6,8 M 400064 Cardin Benjamin_L._Cardin L. Sen. Benjamin Cardin [D, MD] 1502 N00001955 9610 Democrat 202-224-4524 Jewish MD Ben Benjamin Cardin 3.14705882352941 http://cardin.senate.gov/ SenatorCardin H000338 1934-03-22 9122 104 Hart Senate Office Building http://hatch.senate.gov/public/index.cfm?FuseAction=Offices.Contact 202-224-6331 Orrin 'r':4 'ut':5 'sen':1 'hatch':3,7,9 'orrin':2,6,8 M 300052 Hatch Orrin_Hatch G. Sen. Orrin Hatch [R, UT] 5381 N00009869 9524 Republican 202-224-5251 Latter Day Saints UT Orrin Hatch 2.96153846153846 http://hatch.senate.gov/public/ S001142 1952-05-25 5160 Gordon 'smith':2,4,6 'gordon':1,3,5 M 300090 Smith Gordon_Smith Harold Gordon Smith 1881 N00007815 7300 Republican Latter Day Saints Gordon Smith 3.71428571428571 S000663 1947-02-21 8894 154 Russell Senate Office Building http://snowe.senate.gov/webform.htm 202-224-1946 Olympia 'r':4 'sen':1 'snow':3,7,9 'olympia':2,6,8 F 300091 Snowe Olympia_Snowe J. Sen. Olympia Snowe [R, ME] 3615 N00000480 16216 Republican 202-224-5344 Greek Orthodox ME Olympia Snowe 2.54918032786885 http://snowe.senate.gov/ introduced 50853 1211428800 Thu May 22 00:00:00 -0500 2008 158211 action 50853 1211428800 Thu May 22 00:00:00 -0500 2008 158212 Sponsor introductory remarks on measure. (CR S4803) action 50853 1211428800 Thu May 22 00:00:00 -0500 2008 158213 Read twice and referred to the Committee on Finance.