A bill to amend the Internal Revenue Code of 1986 with respect to the requirement that an S corporation have only 1 class of stock.

Amends the Internal Revenue Code with respect to the requirement that an S corporation (certain small business corporations) have only one class of stock. Provides that an S corporation shall be treated as having one class of stock if all outstanding shares of stock confer identical rights for distribution and liquidation proceeds. Grants such corporations a reasonable period of time to take corrective action if found to have more than one class of stock in order to retain S corporation status.