S Corporation Permanent Tax Relief Act of 2014

Bill: 113-hr-4453
Sponsor: Rep. Reichert, David G. [R-WA-8]
Introduced: 2014-04-10 in the House
Policy area: Taxation
Subjects: Accounting and auditing
Business investment and capital
Capital gains tax
Securities
Small business
Tax administration and collection, taxpayers

Summary:
action_date: 2014-04-10
text: 
Amends the Internal Revenue Code to reduce from 10 to 5 years the period during which the built-in gains of an S corporation are subject to tax and to make such reduction permanent. 

action_date: 2014-05-02
text: 
Permanent S Corporation Built-in Gains Recognition Period Act of 2014 
-
 Amends the Internal Revenue Code to reduce from 10 to 5 years the period during which the built-in gains of an S corporation are subject to tax and to make such reduction permanent. 

action_date: 2014-06-12
text: 
S Corporation Permanent Tax Relief Act of 2014 - Amends the Internal Revenue Code, with respect to the taxation of S corporations, to make permanent: (1) the reduction of the period (10 to 5 years) during which the built-in gains of such corporations are subject to tax, and (2) the rule requiring an adjustment to the basis of an shareholder's stock in an S corporation that makes tax deductible contributions of appreciated property. 
 
Prohibits the entry of the budgetary effects of this Act on any PAYGO (Pay As You Go) scorecard.


Legislative actions:
action_date: 2014-06-17
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 433.
action_date: 2014-06-16
text: Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
action_date: 2014-06-12
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2014-06-12
text: On passage Passed by the Yeas and Nays: 263 - 155 (Roll no. 311). (text: CR H5324)
action_date: 2014-06-12
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 263 - 155 (Roll no. 311).(text: CR H5324)
action_date: 2014-06-12
text: On motion to recommit with instructions Failed by the Yeas and Nays: 188 - 229 (Roll no. 310).
action_date: 2014-06-12
text: Considered as unfinished business. (consideration: CR H5340-5341)
action_date: 2014-06-12
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the motion to recommit with instructions, the Chair put the question on the motion to recommit with instructions, and by voice vote, announced that the nays had prevailed. Mr. Neal demanded the yeas and nays, and pursuant to the order of the House of June 12, 2014, the Chair postponed further proceedings until a time to be announced.
action_date: 2014-06-12
text: The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H5339)
action_date: 2014-06-12
text: DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions pending reservation of a point of order. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to extend the built-in gains of S Corporations recognition period and the charitable contribution adjusted basis for two additional years. The point of order was subsequently withdrawn.
action_date: 2014-06-12
text: Mr. Neal moved to recommit with instructions to the Committee on Ways and Means. (consideration: CR H5329-5330, H5340-5341)
action_date: 2014-06-12
text: The previous question was ordered pursuant to the rule. (consideration: CR H5329)
action_date: 2014-06-12
text: DEBATE - The House proceeded with one hour of debate on H.R. 4453.
action_date: 2014-06-12
text: Considered under the provisions of rule H. Res. 616. (consideration: CR H5324-5330)
action_date: 2014-06-11
text: Rule H. Res. 616 passed House.
action_date: 2014-06-10
text: Rules Committee Resolution H. Res. 616 Reported to House. Rule provides for one hour of general debate on the bills. H.R. 4800 shall be considred for amendment under a modified open rule. H.R. 4457 and H.R. 4453 shall be considred for amendment under a closed rule.
action_date: 2014-05-02
text: Placed on the Union Calendar, Calendar No. 317.
action_date: 2014-05-02
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 113-429.
action_date: 2014-05-02
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 113-429.
action_date: 2014-04-29
text: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 21 - 13.
action_date: 2014-04-29
text: Committee Consideration and Mark-up Session Held.
action_date: 2014-04-10
text: Referred to the House Committee on Ways and Means.
action_date: 2014-04-10
text: Introduced in House
action_date: 2014-04-10
text: Introduced in House