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.

This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.

Bill’s Views

  • Today: 2
  • Past Seven Days: 2
  • All-Time: 2,389
 
Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
05/21/08
 
 
 
 
 
 
 

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 terminatio

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 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.

...Read the Rest




Vote on This Bill

-% Users Support Bill

0 in favor / 0 opposed
 

Send Your Senator a Letter

about this bill Support Oppose Tracking
Track with MyOC