II 

118TH CONGRESS 

2D SESSION S. 5316 

To amend the Internal Revenue Code of 1986 to extend the period of 

time for making S corporation elections, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

NOVEMBER 14, 2024 

Mrs. BLACKBURN (for herself and Ms. CORTEZ MASTO) introduced the 

following bill; which was read twice and referred to the Committee on Finance 

A BILL 

To amend the Internal Revenue Code of 1986 to extend 

the period of time for making S corporation elections, 

and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Tax Administration 

5 Simplification Act’’. 

6 SEC. 2. EXTENSION OF TIME FOR MAKING S CORPORATION 

7 ELECTIONS. 

8 (a) IN GENERAL.— 


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1 (1) WHEN ELECTION MADE.—Section 

2 1362(b)(1) of the Internal Revenue Code of 1986 is 

3 amended to read as follows: 

4 ‘‘(1) IN GENERAL.—An election under sub5 section (a) may be made by a small business cor6 poration for any taxable year not later than the due 

7 date for filing the return of the S corporation for 

8 such taxable year (including extensions).’’. 

9 (2) CONFORMING AMENDMENTS.— 

10 (A) Section 1362(b)(2) of such Code is 

11 amended— 

12 (i) by striking ‘‘during such year and 

13 on or before the 15th day of the 3d month 

14 of such year’’ in subparagraph (A) and in15 serting ‘‘within the period described in 

16 paragraph (1)’’, and 

17 (ii) by striking ‘‘MADE DURING THE

FIRST 2 1 18 ⁄2 MONTHS’’ in the heading there19 of. 

20 (B) Section 1362(b) of such Code is 

21 amended by striking paragraphs (3) and (4) 

22 and by redesignating paragraph (5) as para23 graph (3). 


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1 (C) Section 1362(b)(3) of such Code, as 

2 redesignated by subparagraph (B), is amend3 ed— 

4 (i) by striking ‘‘(determined without 

5 regard to paragraph (3))’’ in subparagraph 

6 (A), and 

7 (ii) by striking ‘‘(and paragraph (3) 

8 shall not apply)’’. 

9 (D) Section 1362(b) of such Code, as 

10 amended by the preceding provisions of this 

11 subsection, is amended by adding at the end the 

12 following new paragraphs: 

13 ‘‘(4) ELECTION ON TIMELY FILED RETURNS.— 

14 Except as otherwise provided by the Secretary, an 

15 election under subsection (a) for any taxable year 

16 may be made on a timely filed return of the S cor17 poration for such taxable year. 

18 ‘‘(5) SECRETARIAL AUTHORITY.—The Secretary 

19 may prescribe such regulations, rules, or other guid20 ance necessary to implement this subsection, includ21 ing forms or other guidance for making the election 

22 in the manner described by this subsection.’’. 

23 (b) COORDINATION WITH CERTAIN OTHER PROVI24 SIONS.— 


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1 (1) QUALIFIED SUBCHAPTER S SUBSIDI2 ARIES.—Section 1361(b)(3)(B) of the Internal Rev3 enue Code of 1986 is amended by adding at the end 

4 the following flush sentence: 

5 ‘‘Rules similar to the rules of section 1362(b) 

6 shall apply with respect to any election under 

7 clause (ii).’’. 

8 (2) QUALIFIED SUBCHAPTER S TRUSTS.—Sec9 tion 1361(d)(2) of such Code is amended by striking 

10 subparagraph (D). 

11 (c) REVOCATIONS.—Section 1362(d)(1) of the Inter12 nal Revenue Code of 1986 is amended— 

13 (1) by striking ‘‘subparagraph (D)’’ in subpara14 graph (C) and inserting ‘‘subparagraphs (D) and 

15 (E)’’, and 

16 (2) by adding at the end the following new sub17 paragraph: 

18 ‘‘(E) AUTHORITY TO TREAT LATE REVOCA19 TIONS AS TIMELY.—If— 

20 ‘‘(i) a revocation under subparagraph 

21 (A) is made for any taxable year after the 

22 date prescribed by this paragraph for mak23 ing such revocation for such taxable year 

24 or no such revocation is made for any tax25 able year, and 


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1 ‘‘(ii) the Secretary determines that 

2 there was reasonable cause for the failure 

3 to timely make such revocation, 

4 the Secretary may treat such a revocation as 

5 timely made for such taxable year.’’. 

6 (d) EFFECTIVE DATE.— 

7 (1) IN GENERAL.—Except as otherwise pro8 vided in this subsection, the amendments made by 

9 this section shall apply to elections for taxable years 

10 beginning after the last day of the calendar year 

11 which includes the date of the enactment of this Act. 

12 (2) REVOCATIONS.—The amendments made by 

13 subsection (c) shall apply to revocations made after 

14 the date of the enactment of this Act. 

15 SEC. 3. QUARTERLY INSTALLMENTS FOR ESTIMATED IN16 COME TAX PAYMENTS BY INDIVIDUALS. 

17 (a) IN GENERAL.—The table contained in section 

18 6654(c)(2) of the Internal Revenue Code of 1986 is 

19 amended— 

20 (1) by striking ‘‘June 15’’ and inserting ‘‘July 

21 15’’, and 

22 (2) by striking ‘‘September 15’’ and inserting 

23 ‘‘October 15’’. 


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1 (b) EFFECTIVE DATE.—The amendments made by 

2 this section shall apply to installments due in taxable years 

3 beginning after the date of the enactment of this Act. 

4 SEC. 4. EXTENSION OF MAILBOX RULE TO ELECTRONIC 

5 SUBMISSIONS AND PAYMENTS. 

6 (a) IN GENERAL.—Section 7502(c) of the Internal 

7 Revenue Code of 1986 is amended— 

8 (1) in the heading, by inserting ‘‘AND PAY9 MENT’’ after ‘‘FILING’’, 

10 (2) in paragraph (2)— 

11 (A) in the heading, by striking ‘‘; ELEC12 TRONIC FILING’’, and 

13 (B) by striking ‘‘and electronic filing’’, and 

14 (3) by adding at the end the following: 

15 ‘‘(3) ELECTRONIC FILING AND PAYMENT.— 

16 ‘‘(A) IN GENERAL.—In the case of any 

17 document which the Secretary has permitted to 

18 be filed by electronic means (or, in the case of 

19 any payment, which the Secretary has per20 mitted to be made by electronic means), if such 

21 document or payment is— 

22 ‘‘(i) transmitted by the permitted elec23 tronic means to the agency, officer, or of24 fice to which the document was required to 

25 be filed (or payment was required to be 


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1 made) on or before the prescribed date (or 

2 within the period required) with respect to 

3 such document or payment, and 

4 ‘‘(ii) received (or, in the case of a pay5 ment, received and accounted for) after the 

6 prescribed date or period required with re7 spect to such document or payment, 

8 the date that such document or payment was 

9 transmitted (as described in clause (i)) shall be 

10 deemed to be the date that such document was 

11 filed or such payment was made. 

12 ‘‘(B) REGULATIONS.—Not later than the 

13 date which is 1 year after the date of enact14 ment of the Tax Administration Simplification 

15 Act, the Secretary shall issue such regulations 

16 or other guidance as the Secretary determines 

17 necessary to carry out the purposes of this 

18 paragraph.’’. 

19 (b) EFFECTIVE DATE.—The amendments made by 

20 subsection (a) shall apply to any document or payment 

21 sent on or after the date which is 1 year after the date 

22 of enactment of this Act. 

Æ 


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