3.0.0 3287 2023-01-11T13:30:22Z 2023-01-11T13:30:22Z House HR 2015-07-29 114 [Congressional Record Volume 161, Number 121 (Wednesday, July 29, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. MARCHANT:H.R. 3287.Congress has the power to enact this legislation pursuantto the following:U.S. Constitution Art. I Sec. 8 cl. 1, under the ``Power Tolay and collect Taxes'';Amd. 16, under the ``power to lay and collect taxes onincomes, from whatever source derived, without apportionmentamong the several States, and without regard to any census orenumeration''; andArt. I Sec. 8 cl. 18, under the power ``To make all Lawswhich shall be necessary and proper for carrying intoExecution the foregoing Powers, and all other Powers vestedby this Constitution in the Government of the United States,or in any Department or Officer thereof.''[Page H5770]]]> hswm00 Ways and Means Committee House Standing Referred to 2015-07-29T14:10:45Z 2015-07-29 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2015-07-29 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-07-29 Introduced in House IntroReferral 1000 9 Library of Congress M001158 Rep. Marchant, Kenny [R-TX-24] Kenny Marchant R TX 24 N B001273 Rep. Black, Diane [R-TN-6] Diane Black R TN 6 2015-07-29 True S000583 Rep. Smith, Lamar [R-TX-21] LAMAR SMITH R TX 21 2015-09-08 False H001065 Rep. Holding, George [R-NC-13] George Holding R NC 13 2015-10-22 False Taxation Banking and financial institutions regulation Capital gains tax Corporate finance and management Small business Tax administration and collection, taxpayers Taxation 00 2015-07-29 Introduced in House 2015-10-08T18:23:05Z Community Bank Flexibility Act

This bill amends the Internal Revenue Code, with respect to the tax treatment of small banks, to: (1) allow such banks to reorganize as either corporations or partnerships for tax purposes, (2) permit such banks to reorganize without incurring an additional tax for liquidation, and (3) impose a five-year recognition period of the built-in gains of such banks.

]]> Community Bank Flexibility Act Display Title Community Bank Flexibility Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to clarify the treatment of banks organized as limited liability companies. Introduced in House IH Short Titles as Introduced Community Bank Flexibility Act Introduced in House 2015-07-29T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr3287ih/xml/BILLS-114hr3287ih.xml 2015-07-29 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.