3.0.0 2339 2023-01-11T13:36:49Z 2023-01-11T13:36:49Z House HR 2017-05-03 115 [Congressional Record Volume 163, Number 76 (Wednesday, May 3, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. MARCHANT:H.R. 2339.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 H3325]]]> hswm00 Ways and Means Committee House Standing Referred to 2017-05-03T14:03:35Z 2017-05-03 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2017-05-03 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-05-03 Introduced in House IntroReferral 1000 9 Library of Congress M001158 Rep. Marchant, Kenny [R-TX-24] Kenny Marchant R TX 24 N J000290 Rep. Jenkins, Lynn [R-KS-2] Lynn Jenkins R KS 2 2017-06-12 False S000583 Rep. Smith, Lamar [R-TX-21] LAMAR SMITH R TX 21 2017-07-27 False L000569 Rep. Luetkemeyer, Blaine [R-MO-3] Blaine Luetkemeyer R MO 3 2017-07-27 False G000578 Rep. Gaetz, Matt [R-FL-1] Matt Gaetz R FL 1 2017-10-25 False P000599 Rep. Posey, Bill [R-FL-8] Bill Posey R FL 8 2017-10-31 False R000593 Rep. Ross, Dennis A. [R-FL-15] Dennis Ross R FL A. 15 2017-10-31 False R000607 Rep. Rooney, Francis [R-FL-19] Francis Rooney R FL 19 2017-11-13 False Taxation Banking and financial institutions regulation Business investment and capital Corporate finance and management Income tax deductions Income tax exclusion Securities Small business Taxation 00 2017-05-03 Introduced in House 2017-05-15T14:56:30Z Capital Access for Small Business Banks Act

This bill amends the Internal Revenue Code to allow a bank or a depository institution holding company which is an S corporation to: (1) have 500 shareholders (the current limit is 100 shareholders), and (2) issue qualified preferred bank stock. The bill makes a distribution of qualified preferred bank stock to a shareholder includible in the gross income of the shareholder and allows the bank or holding company to deduct the amount of such distribution.

]]>

Capital Access for Small Business Banks Act Display Title Capital Access for Small Business Banks Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to modify S corporation shareholder and preferred stock rules with respect to banks. Introduced in House IH Short Titles as Introduced Capital Access for Small Business Banks Act Introduced in House 2017-05-03T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr2339ih/xml/BILLS-115hr2339ih.xml 2017-05-03 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.