3.0.0 850 2023-01-15T23:33:11Z 2023-01-15T23:33:11Z Senate S S 2003-04-10 108 ssfi00 Finance Committee Senate Standing Referred to 2003-04-10T16:35:01Z Small Business and Financial Institutions Tax Relief Act of 2003 108 714 HR 2003-02-12 Referred to the House Committee on Ways and Means. Identical bill CRS 2003-04-10 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2003-04-10 Introduced in Senate IntroReferral 10000 9 Library of Congress A000109 Sen. Allard, Wayne [R-CO] A. ALLARD R CO WAYNE N Taxation Accounting Bank holding companies Bank loans Capital gains tax Charitable contributions Commerce Corporate philanthropy Corporation directors Corporation taxes Debt Dividends Excise tax Families Family enterprises Finance and Financial Sector Income tax Individual retirement accounts Interest Investments Labor and Employment Law Losses Small business Stockholders Stocks Subsidiary corporations Tax administration Tax deductions Tax penalties Tax preferences Tax returns Tax-deferred compensation plans Trusts and trustees Valuation Taxation 00 2003-04-10 Introduced in Senate 2006-11-28T17:35:40Z Exempts from prohibited transaction rules any sale of stock in an IRA pursuant to a small business corporation's election to be an S corporation.

Excludes from the definition of passive income for purposes of S status termination any interest income earned by or dividends on assets required to be held by a bank, a bank holding company, or a qualified subchapter S subsidiary bank.

Increases to 150 the maximum number of shareholders a small business organization may have to be eligible to elect S corporation treatment.

States that stock held by a bank director as required by banking regulations (director qualifying stock) shall not be considered a disqualifying second class of S corporation stock.

Permits a bank which makes an S corporation election to recapture certain bad debt reserves in the year of election or the preceding year.

Limits any special rules regarding corporate income preference items to the three years following S corporation election.

Treats a husband and wife as one shareholder. Permits, and sets forth criteria for, an election to treat all members of a family as one shareholder.

Permits the issuance of qualified preferred stock, which shall not be treated as second class stock. Makes any distribution (not in payment in exchange for stock) made by an S corporation with respect to qualified preferred stock includible as ordinary income of the holder and deductible to the corporation as an expense.

Revises exceptions to the criteria for the treatment of certain wholly owned subchapter S subsidiaries with reference to required information returns.

Provides for a charitable contribution basis adjustment of S corporation stock based upon the shareholder's pro rata share of adjusted basis.]]>

Small Business and Financial Institutions Tax Relief Act of 2003 Display Title Small Business and Financial Institutions Tax Relief Act of 2003 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to expand S corporation eligibility for banks, and for other purposes. Introduced in Senate IS Short Titles as Introduced Small Business and Financial Institutions Tax Relief Act of 2003 Introduced in Senate 2003-04-10T04:00:00Z 2003-04-10 Read twice and referred to the Committee on Finance. text/xml EN 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. Congressional Research Service, Library of Congress 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.