3.0.0 2910 2023-01-11T13:18:48Z 2023-01-11T13:18:48Z House H HR 2009-06-17 111 hswm00 Ways and Means Committee House Standing Referred to 2009-06-17T14:00:48Z 111 996 S 2009-05-07 Read twice and referred to the Committee on Finance. Identical bill CRS 2009-06-17 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2009-06-17 Introduced in House IntroReferral Intro-H 9 Library of Congress 2009-06-17 Introduced in House IntroReferral 1000 9 Library of Congress K000188 Rep. Kind, Ron [D-WI-3] RON KIND D WI 3 N S001162 Rep. Schwartz, Allyson Y. [D-PA-13] Allyson Schwartz D PA Y. 13 2009-06-17 True R000578 Rep. Reichert, David G. [R-WA-8] David Reichert R WA G. 8 2009-06-17 True H000528 Rep. Herger, Wally [R-CA-2] WALLY HERGER R CA 2 2009-06-17 True P000265 Rep. Petri, Thomas E. [R-WI-6] TOM PETRI R WI 6 2009-07-10 False T000462 Rep. Tiberi, Patrick J. [R-OH-12] PATRICK TIBERI R OH J. 12 2010-06-30 False Taxation Accounting and auditing Business investment and capital Capital gains tax Employee benefits and pensions Income tax deductions Income tax exclusion Securities Small business Social work, volunteer service, charitable organizations Tax administration and collection, taxpayers Taxation

00 2009-06-17 Introduced in House 2009-07-16T15:02:11Z S Corporation Modernization Act of 2009 - Amends the Internal Revenue Code to revise the tax treatment of S corporations by: (1) permanently reducing from 10 to 7 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; (6) allowing ESBTs to claim expanded charitable tax deductions; and (7) making permanent the rule requiring a basis adjustment to stock of an S corporation making charitable contributions of property.

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Display Title Official Title as Introduced Introduced in House IH Short Titles as Introduced Introduced in House 2009-06-17T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr2910ih/xml/BILLS-111hr2910ih.xml 2009-06-17 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.