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- S.3063
S.3063: S Corporation Modernization Act of 2008
About This Bill
- This bill was introduced in the 110th Congress
- This bill is primarily about taxation
- Introduced May 22, 2008
- Latest Major Action May 22, 2008
- See the eight similar bills introduced in other congresses.
Bill Sponsor
Bill Cosponsors
4 (2 Democrats, 3 Republicans)
Bill Summary
S Corporation Modernization Act of 2008 - Amends the Internal Revenue Code to revise the tax treatment of S corporations by: (1) reducing from 10 to seven years the period during which S corporation built-in gains are subject to tax; (2) repealing mandatory termination of S corporation elections for excessive passive investment income; (3) allowing S corporations to increase passive investment income from 25 to 60% without incurring additional...
(Source: Library of Congress)
Bill Actions
| Date | Description |
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Sponsor introductory remarks on measure.
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Read twice and referred to the Committee on Finance.
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| May 22, 2008 |
Introduced in the Senate by Blanche Lincoln (D-Ark.) |