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    <number>1896</number>
    <updateDate>2023-01-15T23:18:00Z</updateDate>
    <updateDateIncludingText>2023-01-15T23:18:00Z</updateDateIncludingText>
    <originChamber>House</originChamber>
    <originChamberCode>H</originChamberCode>
    <type>HR</type>
    <introducedDate>2003-04-30</introducedDate>
    <congress>108</congress>
    <committees>
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        <name>Ways and Means Committee</name>
        <chamber>House</chamber>
        <type>Standing</type>
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            <name>Referred to</name>
            <date>2003-04-30T14:02:20Z</date>
          </item>
        </activities>
      </item>
    </committees>
    <actions>
      <item>
        <actionDate>2003-04-30</actionDate>
        <text>Referred to the House Committee on Ways and Means.</text>
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        <actionCode>H11100</actionCode>
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            <name>Ways and Means Committee</name>
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        <actionDate>2003-04-30</actionDate>
        <text>Introduced in House</text>
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          <name>Library of Congress</name>
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      <item>
        <actionDate>2003-04-30</actionDate>
        <text>Introduced in House</text>
        <type>IntroReferral</type>
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        <sourceSystem>
          <code>9</code>
          <name>Library of Congress</name>
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    </actions>
    <sponsors>
      <item>
        <bioguideId>S000303</bioguideId>
        <fullName>Rep. Shaw, E. Clay, Jr. [R-FL-22]</fullName>
        <firstName>E.</firstName>
        <lastName>SHAW</lastName>
        <party>R</party>
        <state>FL</state>
        <middleName>CLAY</middleName>
        <district>22</district>
        <isByRequest>N</isByRequest>
      </item>
    </sponsors>
    <cosponsors>
      <item>
        <bioguideId>M000249</bioguideId>
        <fullName>Rep. Matsui, Robert T. [D-CA-5]</fullName>
        <firstName>ROBERT</firstName>
        <lastName>MATSUI</lastName>
        <party>D</party>
        <state>CA</state>
        <middleName>T.</middleName>
        <district>5</district>
        <sponsorshipDate>2003-04-30</sponsorshipDate>
        <isOriginalCosponsor>True</isOriginalCosponsor>
      </item>
      <item>
        <bioguideId>M000477</bioguideId>
        <fullName>Rep. McInnis, Scott [R-CO-3]</fullName>
        <firstName>SCOTT</firstName>
        <lastName>MCINNIS</lastName>
        <party>R</party>
        <state>CO</state>
        <district>3</district>
        <sponsorshipDate>2003-04-30</sponsorshipDate>
        <isOriginalCosponsor>True</isOriginalCosponsor>
      </item>
      <item>
        <bioguideId>J000284</bioguideId>
        <fullName>Rep. Jones, Stephanie Tubbs [D-OH-11]</fullName>
        <firstName>STEPHANIE</firstName>
        <lastName>JONES</lastName>
        <party>D</party>
        <state>OH</state>
        <middleName>TUBBS</middleName>
        <district>11</district>
        <sponsorshipDate>2003-04-30</sponsorshipDate>
        <isOriginalCosponsor>True</isOriginalCosponsor>
      </item>
      <item>
        <bioguideId>P000422</bioguideId>
        <fullName>Rep. Pomeroy, Earl [D-ND-At Large]</fullName>
        <firstName>EARL</firstName>
        <lastName>POMEROY</lastName>
        <party>D</party>
        <state>ND</state>
        <district>0</district>
        <sponsorshipDate>2003-05-15</sponsorshipDate>
        <isOriginalCosponsor>False</isOriginalCosponsor>
      </item>
      <item>
        <bioguideId>M001144</bioguideId>
        <fullName>Rep. Miller, Jeff [R-FL-1]</fullName>
        <firstName>Jeff</firstName>
        <lastName>Miller</lastName>
        <party>R</party>
        <state>FL</state>
        <district>1</district>
        <sponsorshipDate>2003-07-15</sponsorshipDate>
        <isOriginalCosponsor>False</isOriginalCosponsor>
      </item>
      <item>
        <bioguideId>I000047</bioguideId>
        <fullName>Rep. Istook, Ernest J., Jr. [R-OK-5]</fullName>
        <firstName>ERNEST</firstName>
        <lastName>ISTOOK</lastName>
        <party>R</party>
        <state>OK</state>
        <middleName>JIM</middleName>
        <district>5</district>
        <sponsorshipDate>2003-09-29</sponsorshipDate>
        <isOriginalCosponsor>False</isOriginalCosponsor>
      </item>
      <item>
        <bioguideId>P000258</bioguideId>
        <fullName>Rep. Peterson, Collin C. [D-MN-7]</fullName>
        <firstName>COLLIN</firstName>
        <lastName>PETERSON</lastName>
        <party>D</party>
        <state>MN</state>
        <middleName>C.</middleName>
        <district>7</district>
        <sponsorshipDate>2003-10-02</sponsorshipDate>
        <isOriginalCosponsor>False</isOriginalCosponsor>
      </item>
    </cosponsors>
    <policyArea>
      <name>Taxation</name>
    </policyArea>
    <subjects>
      <legislativeSubjects>
        <item>
          <name>Accounting</name>
        </item>
        <item>
          <name>Aliens</name>
        </item>
        <item>
          <name>Capital gains tax</name>
        </item>
        <item>
          <name>Charitable contributions</name>
        </item>
        <item>
          <name>Commerce</name>
        </item>
        <item>
          <name>Corporate reorganizations</name>
        </item>
        <item>
          <name>Corporation directors</name>
        </item>
        <item>
          <name>Corporation taxes</name>
        </item>
        <item>
          <name>Debt</name>
        </item>
        <item>
          <name>Dividends</name>
        </item>
        <item>
          <name>Divorce</name>
        </item>
        <item>
          <name>Employee ownership</name>
        </item>
        <item>
          <name>Excise tax</name>
        </item>
        <item>
          <name>Families</name>
        </item>
        <item>
          <name>Finance and Financial Sector</name>
        </item>
        <item>
          <name>Financial institutions</name>
        </item>
        <item>
          <name>Foreign Trade and International Finance</name>
        </item>
        <item>
          <name>Foreign corporations</name>
        </item>
        <item>
          <name>Foreign investments</name>
        </item>
        <item>
          <name>Foreign tax credit</name>
        </item>
        <item>
          <name>Immigration</name>
        </item>
        <item>
          <name>Income tax</name>
        </item>
        <item>
          <name>Individual retirement accounts</name>
        </item>
        <item>
          <name>Interest</name>
        </item>
        <item>
          <name>International Affairs</name>
        </item>
        <item>
          <name>Labor and Employment</name>
        </item>
        <item>
          <name>Law</name>
        </item>
        <item>
          <name>Loan defaults</name>
        </item>
        <item>
          <name>Loans</name>
        </item>
        <item>
          <name>Losses</name>
        </item>
        <item>
          <name>Partnerships</name>
        </item>
        <item>
          <name>Profit</name>
        </item>
        <item>
          <name>Small business</name>
        </item>
        <item>
          <name>Stockholders</name>
        </item>
        <item>
          <name>Stocks</name>
        </item>
        <item>
          <name>Subsidiary corporations</name>
        </item>
        <item>
          <name>Tax credits</name>
        </item>
        <item>
          <name>Tax deductions</name>
        </item>
        <item>
          <name>Tax penalties</name>
        </item>
        <item>
          <name>Tax refunds</name>
        </item>
        <item>
          <name>Tax returns</name>
        </item>
        <item>
          <name>Tax treaties</name>
        </item>
        <item>
          <name>Trusts and trustees</name>
        </item>
        <item>
          <name>Withholding tax</name>
        </item>
      </legislativeSubjects>
      <policyArea>
        <name>Taxation</name>
      </policyArea>
    </subjects>
    <summaries>
      <summary>
        <versionCode>00</versionCode>
        <actionDate>2003-04-30</actionDate>
        <actionDesc>Introduced in House</actionDesc>
        <updateDate>2006-11-28T17:35:40Z</updateDate>
        <text><![CDATA[Subchapter S Modernization Act of 2003 - Amends the Internal Revenue Code to revise provisions concerning S corporations to, among other things: (1) allow certain members of a family to be treated as one shareholder of an S corporation; (2) prohibit treating qualified preferred stock as a second class of stock and treating a person as a shareholder by reason of holding such stock; (3) permit financial institutions to hold convertible (safe harbor) debt; (4) repeal the characterization of excessive passive investment income as a termination event; (5) permit certain losses on liquidation not exceeding ordinary income basis to be treated as ordinary losses; (6) permit the deductibility of interest expense incurred by an electing small business trust to acquire S corporation stock; (7) provide that shareholder basis is not increased by income derived from cancellation of S corporation's debt; (8) provide for the exclusion of investment securities income from the passive income test for bank S corporations; (9) provide relief from inadvertently invalid qualified subchapter S subsidiary elections and terminations on the same basis as is provided to invalid or terminated S corporation elections; and (10) provide for the elimination of all earnings and profits attributable to pre-1983 years.]]></text>
      </summary>
    </summaries>
    <title>Subchapter S Modernization Act of 2003</title>
    <titles>
      <item>
        <titleType>Display Title</titleType>
        <title>Subchapter S Modernization Act of 2003</title>
      </item>
      <item>
        <titleType>Official Title as Introduced</titleType>
        <title>To amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes.</title>
        <billTextVersionName>Introduced in House</billTextVersionName>
        <billTextVersionCode>IH</billTextVersionCode>
      </item>
      <item>
        <titleType>Short Titles as Introduced</titleType>
        <title>Subchapter S Modernization Act of 2003</title>
      </item>
    </titles>
    <textVersions>
      <item>
        <type>Introduced in House</type>
        <date>2003-04-30T04:00:00Z</date>
        <formats/>
      </item>
    </textVersions>
    <latestAction>
      <actionDate>2003-04-30</actionDate>
      <text>Referred to the House Committee on Ways and Means.</text>
    </latestAction>
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    <dc:language>EN</dc:language>
    <dc:rights>Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.</dc:rights>
    <dc:contributor>Congressional Research Service, Library of Congress</dc:contributor>
    <dc:description>This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.</dc:description>
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