[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2626 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 2626

  To amend the Internal Revenue Code of 1986 to permit Indian tribal 
           governments to be shareholders of S corporations.


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                    IN THE HOUSE OF REPRESENTATIVES

                              June 3, 2015

  Mr. Lucas (for himself and Mr. Cole) introduced the following bill; 
         which was referred to the Committee on Ways and Means

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                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to permit Indian tribal 
           governments to be shareholders of S corporations.

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

SECTION 1. INDIAN TRIBAL GOVERNMENTS PERMITTED TO BE SHAREHOLDERS OF S 
              CORPORATIONS.

    (a) In General.--Section 1361(b)(1)(B) of the Internal Revenue Code 
of 1986 is amended by striking ``or an organization described in 
subsection (c)(6)'' and inserting ``an organization described in 
subsection (c)(6), or an Indian tribal government (as defined in 
section 7701(a)(40) and including any subdivision of such government 
and any agency or instrumentality of such government or subdivision)''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after the date of the enactment of this 
Act.
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