[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 2841 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                S. 2841

To amend the Internal Revenue Code of 1986 to allow S corporations the 
          deduction for charitable contributions of inventory.


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                   IN THE SENATE OF THE UNITED STATES

                            December 7, 2009

  Mr. Burris introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to allow S corporations the 
          deduction for charitable contributions of inventory.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``S Corporation Inventory Contribution 
Act of 2009''.

SEC. 2. S CORPORATIONS ALLOWED DEDUCTION FOR CHARITABLE CONTRIBUTIONS 
              OF INVENTORY.

    (a) In General.--Section 170(e)(3)(A) of the Internal Revenue Code 
of 1986 (relating to certain contributions of inventory and other 
property) is amended by striking ``(other than a corporation which is 
an S corporation)''.
    (b) Limitation.--Section 170(e)(3)(A) of such Code is amended by 
adding at the end the following flush sentence:
                ``In the case of a taxpayer other than a C corporation, 
                the aggregate amount of such contributions for any 
                taxable year which may be taken into account under this 
                subparagraph shall not exceed 10 percent of the 
                taxpayer's aggregate net income for such taxable year 
                from all trades or businesses from which such 
                contributions were made, computed without regard to 
                this section.''.
    (c) Conforming Amendments.--
            (1) Subclause (I) of section 170(c)(3)(C)(i) of such Code 
        is amended by striking ``C corporation'' and inserting 
        ``corporation''.
            (2) Subparagraph (C) of section 170(c)(3) of such Code is 
        amended by striking clause (ii) and by redesignating clauses 
        (iii) and (iv) as clauses (ii) and (iii), respectively.
    (d) Effective Date.--The amendments made by this section shall 
apply to contributions made after December 31, 2009, and to taxable 
years ending after such date.
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