3.0.0 3063 2019-11-15T21:57:54Z 2019-11-15T21:57:54Z Senate S S 2008-05-22 110 ssfi00 Finance Committee Senate Standing Referred to 2008-05-22T20:26:05Z 110 4840 HR 2007-12-19 Referred to the House Committee on Ways and Means. Related bill CRS 110 349 S 2007-01-22 Placed on Senate Legislative Calendar under General Orders. Calendar No. 10. Related bill CRS 2008-05-22 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2008-05-22 Sponsor introductory remarks on measure. (CR S4803) IntroReferral B00100 9 Library of Congress 2008-05-22 Introduced in Senate IntroReferral 10000 9 Library of Congress L000035 Sen. Lincoln, Blanche L. [D-AR] BLANCHE LINCOLN D AR LAMBERT N H000338 Sen. Hatch, Orrin G. [R-UT] ORRIN HATCH R UT GRANT 2008-05-22 True C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD 2008-05-22 True S001142 Sen. Smith, Gordon H. [R-OR] GORDON SMITH R OR H. 2008-05-22 True S000663 Sen. Snowe, Olympia J. [R-ME] Olympia Snowe R ME J. 2008-06-05 False Taxation Accounting Aliens Capital gains tax Charitable contributions Commerce 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 2008-05-22 Introduced in Senate 2008-06-16T20:07:46Z 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.

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Short Titles as Introduced Display Title Official Title as Introduced Introduced in Senate 2008-05-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s3063is/xml/BILLS-110s3063is.xml 2008-05-22 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.