To amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes.
S Corporation Modernization Act of 2015
Amends the Internal Revenue Code to revise the tax treatment of S corporations by: (1) permanently reducing from 10 to 5 years the period during which S corporation built-in gains are subject to tax, (2) repealing mandatory termination of S corporation elections for excessive passive investment income, (3) allowing S corporations to increase passive investment income from 25 to 60% without incurring additional tax, (4) allowing nonresident aliens to be potential current beneficiaries of an electing small business trust (ESBT), (5) allowing individual retirement accounts to be S corporation shareholders, (6) allowing ESBTs to claim expanded charitable tax deductions, and (7) making permanent the rule requiring a basis adjustment to stock of an S corporation making charitable contributions of property.
Placed on the Union Calendar, Calendar No. 9.
Placed on the Union Calendar, Calendar No. 10.
Read twice and referred to the Committee on Finance.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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