H.R.892 - S Corporation Modernization Act of 2013

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

  • Official: To amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes. as introduced.
  • Short: S Corporation Modernization Act of 2013 as introduced.

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Introduced
 
House
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Senate
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President
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02/28/13
 
 
 
 
 
 
 

Official Summary

S Corporation Modernization Act of 2013 - Amends the Internal Revenue Code to revise the tax treatment of S corporations by: (1) permanently reducing from 10 to 5 years the period during which S corporation built-in gains are subject to tax; (2) repealing mandatory termination of S corporat

Official Summary

S Corporation Modernization Act of 2013 - Amends the Internal Revenue Code to revise the tax treatment of S corporations by:
(1) permanently reducing from 10 to 5 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.

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