3.0.0 4840 2023-01-11T13:15:01Z 2023-01-11T13:15:01Z House H HR 2007-12-19 110 hswm00 Ways and Means Committee House Standing Referred to 2007-12-19T15:06:40Z Small Business and Work Opportunity Act of 2007 110 349 S 2007-01-22 Placed on Senate Legislative Calendar under General Orders. Calendar No. 10. Related bill CRS S Corporation Modernization Act of 2008 110 3063 S 2008-05-22 Read twice and referred to the Committee on Finance. Related bill CRS 2007-12-19 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2007-12-19 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-12-19 Introduced in House IntroReferral 1000 9 Library of Congress K000188 Rep. Kind, Ron [D-WI-3] RON KIND D WI 3 N R000033 Rep. Ramstad, Jim [R-MN-3] JIM RAMSTAD R MN 3 2007-12-19 True J000284 Rep. Jones, Stephanie Tubbs [D-OH-11] STEPHANIE JONES D OH TUBBS 11 2007-12-19 True E000187 Rep. English, Phil [R-PA-3] PHIL ENGLISH R PA 3 2007-12-19 True S001162 Rep. Schwartz, Allyson Y. [D-PA-13] Allyson Schwartz D PA Y. 13 2007-12-19 True J000174 Rep. Johnson, Sam [R-TX-3] SAM JOHNSON R TX 3 2007-12-19 True K000365 Rep. Kagen, Steve [D-WI-8] Steve Kagen D WI 8 2007-12-19 True K000363 Rep. Kline, John [R-MN-2] John Kline R MN 2 2008-06-24 False Taxation Accounting Aliens Capital gains tax Charitable contributions Commerce Congress Congressional investigations Congressional reporting requirements Corporation taxes Finance and Financial Sector Income tax Individual retirement accounts Labor and Employment Law Small business Stockholders Tax administration Tax deductions Tax exclusion Trusts and trustees Taxation 00 2007-12-19 Introduced in House 2008-01-11T16:22:12Z S Corporation Modernization Act of 2007 - Amends the Internal Revenue Code to revise the tax treatment of S corporations, including by: (1) reducing from 10 to 7 years the period during which S corporation built-in gains are subject to tax; (2) allowing nonresident aliens to qualify as beneficiaries of an electing small business trust (ESBT); (3) repealing mandatory termination of S corporation elections for excessive passive investment income; (4) allowing S corporations to increase passive investment income from 25 to 60% without incurring additional tax; (5) allowing individual retirement accounts to be S corporation shareholders; and (6) allowing ESBTs to claim expanded charitable tax deductions.

Directs the Comptroller General to study and report to Congress on entity neutrality under the Internal Revenue Code with respect to S corporations, limited liability companies, and other pass-through entities.

]]> S Corporation Modernization Act of 2007 Display Title S Corporation Modernization Act of 2007 Short Titles as Introduced S Corporation Modernization Act of 2007 Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes. Introduced in House 2007-12-19T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr4840ih/xml/BILLS-110hr4840ih.xml 2007-12-19 Referred to the House Committee on Ways and Means. 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.