[Congressional Record Volume 162, Number 115 (Friday, July 15, 2016)]
[Extensions of Remarks]
[Page E1140]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    S CORPORATION MODERNIZATION ACT

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                         HON. DAVID G. REICHERT

                             of washington

                    in the house of representatives

                        Thursday, July 14, 2016

  Mr. REICHERT. Mr. Speaker, yesterday, Representative Ron Kind and I 
reintroduced the S Corporation Modernization Act to reform and repeal 
unnecessary rules and limitations on S Corporations. This bill supports 
growth in communities across the country and builds upon last year's 
success. With broad bipartisan support in December, Congress passed the 
Protecting Americans from Tax Hikes (PATH) Act that provided permanent 
built-in gains tax relief for S Corporations. The legislative history 
of this provision makes clear that Congress intended this permanent 
relief for built-in gains to also apply to Real Estate Investment 
Trusts (REITs) and mutual funds.

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