Along with the ABA, we continue to urge bankers to contact the Agencies to express their concerns and ask that the rules be . . .
Archives for May 2014
Senator John Thune (R-SD) has filed an amendment making permanent two key S corporation reforms. Joined by Senators Ben Cardin (D-MD) and Pat Roberts (R-KS), the Thune amendment would make permanent the shorter, five-year recognition period for built-in gains as well as an improved basis adjustment for charitable contributions by S corporations. The text of the amendment is identical to the text of H.R. 4453 and H.R. 4454, legislation sponsored by Representatives Dave Reichert (R-WA) and Ron Kind (D-WI) that passed the Ways & Means Committee earlier this month and are due to be considered by the House of Representatives in coming weeks.
This week the House Ways and Means Committee held a markup of bills that would make permanent certain tax extenders designed to help small businesses. Two of these bills (H.R. 4453 and H.R. 4454) specifically address tax treatment of S corporations. The tax provisions included in both bills were a part of the S Corporation Modernization Act introduced in 2013.