GovTrack’s Bill Summary
We don’t have a summary available yet.
Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
S Corporation Modernization Act of 2013 - 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 (IRAs) 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.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.