On February 4, 2015, the House Ways and Means Committee, now under the Chairmanship of Congressman Ryan, approved seven bills to permanently renew certain provisions that traditionally have been part of the larger tax extenders package. Included in the passage were two bills that were introduced by Representatives Dave Reichert (R-WA) and Ron Kind (D-WI). H.R. 629 and H.R. 630 extend tax provisions critical to S Corp banks and build off momentum from last Congress when identical bills successfully passed the House with broad bipartisan support.
HR 629, would make permanent the reduced recognition period for built-in gains of S corps. HR 630 would make permanent certain rules regarding basis adjustments of stock of S corps making charitable contributions of property.
Commenting on introduction of the legislation, Representative Reichert noted that “S Corporations are proven job creators and it is our job as legislators to make sure the tax code helps them to access the capital they need to grow, remain competitive and help get Americans back to work. I am pleased to introduce these bipartisan pieces of legislation with my colleague Congressman Kind, because our tax code should encourage growth rather than stifle it. I look forward to working with my colleagues to advance policies that help our small businesses create jobs and support families across the country.”
Representative Kind added that “These commonsense, bipartisan bills will bring stability and simplicity to the tax code to make it easier for many small businesses to create good jobs and help sustain local communities.”
Other tax bills that the Ways and Means members signed off on were:
H.R. 636, America’s Small Business Tax Relief Act of 2015
H.R. 637, Permanent IRA Charitable Contribution Act of 2015,
H.R. 640, Private Foundation Excise Tax Simplification Act of 2015
H.R. 641, Conservation Easement Incentive Act of 2015
H.R. 644, Fighting Hunger Incentive Act of 2015