Latest News Tagged With “legislation”

20th Annual Subchapter S Bank Association Conference

Oct 13, 2017

Don't Miss Out on the #1 Conference for Sub S Banks! The Subchapter S Bank Association Conference scheduled for Oct 26-27 on the banks of the San Antonio River is the industry's go to place for the best information and thinking on Sub S and related community bank issues. This year's conference will have significant coverage and discussion about tax reform and other important legislative and regulatory developments. We anticipate that a bill will be on file by the Conference date and a talented group of professionals will be on hand to dissect and help you with strategies for the future. GET INSIGHT INTO TRENDS AND INNOVATIONS. Choose from break out sessions to tailor content to your level of expertise.  Mingle with the industry's best at a networking reception and meet representatives from our long list of sponsors and co-hosts, ranging from tax, accounting and investment firms to  companies helping community bankers as the core of their business. View the Agenda Here! Don't delay.  The Subchapter S Bank Association looks forward to hosting you in San Antonio, Texas during a landmark time for S corp banks!    Read more

HR 2339 Capital Access for Small Business Banks Act

Jul 05, 2017

SubChapter S Bank Bill Introduced in House HR 2339 was introduced by Representative Kenny Marchant on May 4, 2017 in the 115th Congress. The bill would permit Subchapter S Banks and their holding companies to have 500 shareholders and to issue preferred stock. The bill is identical to HR 2789 introduced by Rep. Marchant in the 114th Congress with the exception of minor changes recommended by the Joint Committee on Taxation. Those changes limit make the number of preferred shareholders subject to the 500 shareholder limit and limit preferred shareholders to shareholders who could otherwise own Subchapter S stock. In addition, a technical wording change was made to coordinate the size of the S corp’s deduction for dividends paid on preferred stock with the gains taxable to preferred holders. Congressman Marchant has asked that the industry encourage their representatives to co-sponsor the bill with him to evidence broad support. He also asks that the industry secure the commitment of Chairman Brady to include the provisions in the original tax reform bill being drafted and anticipated to be introduced in July 2017. We invite every bank to request their Congressional representatives to sign on as co-sponsors of the bill, whether you are an S corp bank o a C corp bank. A  copy of the bill is attached.    Read more

Hensarling Request GAO Study Reducing Dividends

Sep 12, 2015

With a provision in the Highway Trust Fund reauthorization bill that would reduce the dividends paid on Federal Reserve Bank stock to Federal member banks still being floated as a revenue-raising measure on Capitol Hill, House Financial Services Committee Chairman Jeb Hensarling (R-TX) has asked the Government Accountability Office (GAO) to study the implications of reducing the annual dividend rate that the Federal Reserve pays to member banks. “Hensarling asked GAO to study the historical rationale for the arrangement, the historic rates of return on other government securities, the budget and policy ramifications of reducing the annual dividend or changing it to a floating reference rate and the impact of making the system voluntary instead of mandatory.” “I ask that the GAO engage with all relevant public and private sectors stakeholders, including, but not limited to, relevant federal and state regulatory authorities and affected banking organizations of all sizes.” Hensarling wrote in a Sept. 10 letter to Comptroller General Gene Dodaro. Hensarling-Letter-Fed-Dividend    Read more

Community Bank Flexibility Act

Jul 28, 2015

Congressman Kenny Marchant (R-TX-24) has introduced the Community Bank Flexibility Act. H.R. 3287, The Community Bank Flexibility Act, was introduced on July 29th and to date has two cosponsors: Congressman Lamar Smith (R-TX-21) and Congressman Diane Black (R-TN-6).   Read more

The Sub S Bank Report Volume 18, Issue 2

Jul 06, 2015

The Latest Edition of The Sub S Bank Report is Now Available for Registered Members Learn More About: The Capital Access for Small Business Banks Act, H.R. 2789 Shareholder Succession Planning Part 1: ESOPS as a Tool for Shareholder Succession Planning & Employee Engagement Regional Sub S Meetings Recap Legislation to Watch Important Dates To read it log in with your membership information. If you need assistance resetting your log in information or did not receive the email copy to your inbox email Amy Trevino at atrevino@kslawllp.com.   Read more

Join Subchapter S Bank Association for a Regional Meeting at BHCA Spring Seminar 2015

Mar 24, 2015

Don't miss the 2015 Spring Seminar of the Bank Holding Company Association. The seminar will help you "Build on a Foundation of Success," giving you the information & networking opportunities you need to take your bank holding company to the next level. The seminar is bigger & better than ever with an expanded Monday session, more breakout sessions, & outstanding speakers. This year join us for a new special two-part session that will look at the current issues affecting sub S banks and holding companies, and investment strategies designed to make the most of your sub S election. Be sure to bring your directors or bank colleagues with you to this session. Then, enjoy our traditional reception and dinner. Click here for more information    Read more

Camp Introduces Tax Reform Act of 2014

Dec 11, 2014

House Ways and Means Committee chairman Rep. Dave Camp, R-Mich., officially introduced H.R. 1, the Tax Reform Act of 2014. Camp’s legislation proposes formalizing the tax reform discussion draft released on February 26th.The Tax Reform Act of 2014 makes the code simpler and fairer by: Providing a significantly more generous standard deduction so that 95 percent of taxpayers will no longer be forced to itemize their individual tax deductions. Reducing the size of the federal income tax code by 25 percent. Tackling fraud, abuse and mismanagement at the IRS to protect hard-earned taxpayer dollars. It proposes to make the economy stronger by $3.4 trillion in additional economic growth 1.8 million new jobs $1,300 per year more in the pockets of middle-class American families Camp called for the legislation to “spur further action” during the 114th Congress, which begins in January. Meanwhile, incoming Senate Finance Committee Chairman Orrin Hatch and the U.S. Senate Finance Committee Republican staff released a nearly 350 page report on all things tax reform, entitled “Comprehensive Tax Reform for 2015 and Beyond,” outlining issues that policymakers will face if they attempt comprehensive tax reform in the upcoming Congress.  Read more

Subchapter S - Call to Arms

Apr 23, 2014

The Sub S Bank Association was organized 17 years ago as a way of preserving, protecting and defending what its founders had achieved for community banking. Through the years, the Association has provided valuable educational content and served as a resource for problem solving and opportunity creation through its Annual Conference, Sub S Bank Reports, Webinars, Regional Meetings and one on one strategy seminars with member banks. In 2004, we were successful, with the help of many others, in amending the IRC to increase shareholder numbers from 75 to 100 and dramatically increasing the ability of families to maintain their shareholdings on a multi-generational level. In 2010, we raised over $100,000 to fund the successful  appeal of the TEFRA ruling to the benefit of the Sub S Bank Community, saving Sub S Banks millions of dollars in taxes. The Association has not had professional management largely because of scarce resources, but has been managed by the principals and staff of Kennedy Sutherland LLP, which has provided the substantive content and leadership for the Association since the legislation was passed in 1996. In 2013, we added professional resources which enabled us to expand our educational offering beyond our popular Annual Conference with the creation of a new high-impact conference called Community Banking in a New World (CBNW). The standing room only group of community bank CEOs who attended, were introduced to 25 different professionals sharing various ideas to deliver solutions to community banks' needs -- all focused on improving the bank bottom line and furthering its mission of serving its customers, communities and shareholders. We will continue both of these successful conferences scheduled for October 22-24, 2014 in San Antonio. Our focus will continue to be to provide opportunities for banks "to do well by doing good." TIME FOR ACTION During the past few weeks, we conducted meetings with a large number of Sub S bank CEOs from around the country and we continue to hear the concern expressed about long term capital accumulation amid increasingly challenging regulation. One of these is, of course, the Basel III Capital Conservation Buffer rules, which, thankfully, both ABA and ICBA have taken-up efforts to "fix" by gaining dividend rights for Sub S Banks. Our conclusion after these discussions is that future aggressive legislative and regulatory action needs to be undertaken by the nearly 2,200 community banks who maintain a Subchapter S election. In addition to our periodic congressional and small group bank meetings on these issues, we are considering additional action and respectfully request your assistance, advice and participation. Please complete our survey online or print the survey below and fax or scan your response to 210-228-0781 or atrevino@kslawllp.com. Thank you very much. Very truly yours, Patrick J. Kennedy, Jr. President  Read more

The Sub S Bank Report Volume 16 Issue 3

Oct 31, 2013

The Latest Edition of The Sub S Bank Report is Now Available for Registered Members  Learn More About the S Corporation Modernization Act of 2013 (H.R. 892)  Read more

IRS Acquiesces to Vainisi Decision

Dec 21, 2010

Victory for S corporation financial institutions as the Internal Revenue Service announces it's acquiescence with the Seventh Circuit Court of Appeals in TEFRA case.  Read more

Congress Overwhelmingly Passes Tax Extender Legislation

Dec 16, 2010

Officially titled the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, the bill extends all of the Bush-era tax cuts through 2012.  Read more