[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 3223 Introduced in Senate (IS)]

112th CONGRESS
  2d Session
                                S. 3223

 To amend the Internal Revenue Code of 1986 to permanently extend the 
     reduction in the recognition period for built-in gains for S 
                             corporations.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 23, 2012

  Mr. Cardin (for himself, Mr. Roberts, and Ms. Snowe) 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 permanently extend the 
     reduction in the recognition period for built-in gains for S 
                             corporations.

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

SECTION 1. PERMANENT EXTENSION OF REDUCTION IN RECOGNITION PERIOD FOR 
              BUILT-IN GAINS TAX.

    (a) In General.--Subparagraph (A) of section 1374(d)(7) of the 
Internal Revenue Code of 1986 (relating to recognition period) is 
amended by striking ``10-year period'' and inserting ``5-year period''.
    (b) Conforming Amendments.--Paragraph (7) of section 1374(d) of 
such Code is amended--
            (1) by striking subparagraph (B),
            (2) by redesignating subparagraph (C) as subparagraph (B), 
        and
            (3) in subparagraph (B), as redesignated by paragraph (2), 
        by striking ``pursuant to section 593(e)'' and all that follows 
        and inserting ``pursuant to section 593(e), subparagraph (A) 
        shall be applied without regard to the phrase `5-year'.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2011.
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