3.0.0 711 2023-01-11T13:36:13Z 2023-01-11T13:36:13Z Senate S 2017-03-23 115 ssfi00 Finance Committee Senate Standing Referred to 2017-03-23T18:11:11Z S Corporation Modernization Act of 2017 115 1696 HR 2017-03-23 Referred to the House Committee on Ways and Means. Identical bill CRS 2017-03-23 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-03-23 Introduced in Senate IntroReferral 10000 9 Library of Congress T000250 Sen. Thune, John [R-SD] John Thune R SD R. N C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD 2017-03-23 True R000307 Sen. Roberts, Pat [R-KS] PAT ROBERTS R KS 2017-03-23 True B001230 Sen. Baldwin, Tammy [D-WI] Tammy Baldwin D WI 2017-07-26 False S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI 2017-07-27 False Taxation Capital gains tax Charitable contributions Corporate finance and management Employee benefits and pensions Financial services and investments Income tax deductions Income tax rates Sales and excise taxes Securities Small business Tax administration and collection, taxpayers Taxation 00 2017-03-23 Introduced in Senate 2017-04-04T14:43:40Z S Corporation Modernization Act of 2017

This bill amends the Internal Revenue Code, with respect to the tax treatment of S corporations, to:

  • allow a nonresident alien to be a qualifying beneficiary of an electing small business trust (ESBT), which is a type of trust that is permitted to hold shares in an S corporation;
  • allow S corporations to increase passive investment income from 25% to 60% without incurring additional taxes;
  • eliminate a provision terminating the S corporation status of corporations with excessive passive income for three consecutive years;
  • allow any S corporation bank to have individual retirement account shareholders;
  • allow ESBTs to claim expanded tax deductions for charitable contributions;
  • allow an adjustment to the basis of an S corporation's assets upon the death of a shareholder, in the form of a 15-year amortization deduction; and
  • extend the time period for making S corporation elections.
]]> S Corporation Modernization Act of 2017 Display Title S Corporation Modernization Act of 2017 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes. Introduced in Senate IS Short Titles as Introduced S Corporation Modernization Act of 2017 Introduced in Senate 2017-03-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s711is/xml/BILLS-115s711is.xml 2017-03-23 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.