H. R. 2626
IN THE HOUSE OF REPRESENTATIVES
June 3, 2015
Mr. Lucas (for himself and Mr. Cole) introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to permit Indian tribal governments to be shareholders of S corporations.
Indian tribal governments permitted to be shareholders of S corporations
Section 1361(b)(1)(B) of the Internal Revenue Code of 1986 is amended by striking
or an organization described in subsection (c)(6) and inserting
an organization described in subsection (c)(6), or an Indian tribal government (as defined in section 7701(a)(40) and including any subdivision of such government and any agency or instrumentality of such government or subdivision).
The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.