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H.R. 4453 (113th): S Corporation Permanent Tax Relief Act of 2014

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jun 12, 2014.

S Corporation Permanent Tax Relief Act of 2014 - Amends the Internal Revenue Code, with respect to the taxation of S corporations, to make permanent: (1) the reduction of the period (10 to 5 years) during which the built-in gains of such corporations are subject to tax, and (2) the rule requiring an adjustment to the basis of an shareholder's stock in an S corporation that makes tax deductible contributions of appreciated property. 

Prohibits the entry of the budgetary effects of this Act on any PAYGO (Pay As You Go) scorecard.