s 6 57428 1241668800 false 1241668800 996 209 111 300068

5/7/2009--Introduced.S Corporation Modernization Act of 2009 - Amends the Internal Revenue Code to revise the tax treatment of S corporations by: (1) permanently reducing from 10 to 7 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.

1241668800 2009-05-07 Sat Nov 14 08:07:54 -0600 2009 introduced 57428 'act':4 '2009':6 'corpor':2 'modern':3 76037 false short introduced 57428 '1986':10 'bill':2 'code':8 'amend':4 'corpor':15 'intern':6 'provid':12 'purpos':20 'reform':16 'revenu':7 72974 false official action 57428 1241668800 Thu May 07 00:00:00 -0500 2009 194379 Read twice and referred to the Committee on Finance. L000035 1960-09-30 5974 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] 2882 N00008092 10534 Democrat 202-224-4843 Episcopalian AR Blanche Lincoln 2.26190476190476 http://lincoln.senate.gov/ SenatorLincoln H000338 1934-03-22 9094 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] 5347 N00009869 9479 Republican 202-224-5251 Latter Day Saints UT Orrin Hatch 2.82352941176471 http://hatch.senate.gov/public/ action 57428 1241668800 Thu May 07 00:00:00 -0500 2009 194379 Read twice and referred to the Committee on Finance. action 57428 1241668800 Thu May 07 00:00:00 -0500 2009 194378 Sponsor introductory remarks on measure. (CR S5283-5284) introduced 57428 1241668800 Thu May 07 00:00:00 -0500 2009 194377