H.R. 892: S Corporation Modernization Act of 2013

Introduced:
Feb 28, 2013 (113th Congress, 2013–2015)
Sponsor:
Rep. David Reichert [R-WA8]
Status:
Referred to Committee

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was assigned to a congressional committee on February 28, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Progress
Introduced Feb 28, 2013
Referred to Committee Feb 28, 2013
Reported by Committee ...
Passed House ...
Passed Senate ...
Signed by the President ...
Prognosis

3% chance of getting past committee.
1% chance of being enacted.

Only 11% of House bills made it past committee and only 3% were enacted in 2011–2013. [show factors | methodology]

Cosponsors
3 cosponsors (2D, 1R) (show)
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes.

Summary

No summaries available.

Text

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Last updated Feb 28, 2013.
7 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

2/28/2013--Introduced.
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

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