Representative Dave Reichert (R-WA) and Representative Ron Kind (D-WI) have introduced the S Corporation Modernization Act of 2015 (HR 2788). The legislation is designed to:
• Modernize the rules that apply to firms that have selected S corporation status;
• Increasing the ability of S corporations to access much-needed capital; and
• Ease and expand S corporations’ ability to make charitable donations.
In a joint press release, Rep. Reichert described his legislation in these terms: “This is a common-sense bill, and I am proud to introduce it with my colleague Mr. Kind. We must continue to support our small businesses and allow these proven job creators to access the capital they need to grow, compete, and get Americans back to work.”
Rep. Kind made the following comment: “Under this legislation, S corporations will be better able to access credit, invest in their business, and create the good paying jobs that we need.”