Permanent S Corporation Charitable Contribution Act of 2015

Bill: 114-hr-630
Sponsor: full_name: Rep. Reichert, David G. [R-WA-8]
Introduced: 2015-01-30
Policy area: Taxation
Subjects: Accounting and auditing

Capital gains tax

Charitable contributions

Securities

Small business

Social work, volunteer service, charitable organizations

Tax administration and collection, taxpayers
Latest action: action_date: 2015-02-09
text: Placed on the Union Calendar, Calendar No. 10.

Summaries:
action_date: 2015-01-30
action_desc: Introduced in House
text: <p>Amends the Internal Revenue Code to make permanent the tax rule requiring a decrease in the basis of a shareholder's stock in an S corporation that makes tax deductible charitable contributions of property. </p>

action_date: 2015-02-09
action_desc: Reported to House with amendment(s)
text: <p><strong>Permanent S Corporation Charitable Contribution Act of 2015</strong></p> <p>(Sec. 2) This bill amends the Internal Revenue Code to make permanent the tax rule&nbsp;that reduces the basis of the stock of an S corporation shareholder by the&nbsp;adjusted basis (rather than fair market value) of&nbsp;any charitable contribution made by the S corporation.</p>

tv_txt: I 114th CONGRESS 1st Session H. R. 630 IN THE HOUSE OF REPRESENTATIVES January 30, 2015 Mr. Reichert (for himself and Mr. Kind ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to make permanent certain rules regarding basis adjustments to stock of S corporations making charitable contributions of property.

1. Permanent rule regarding basis adjustment to stock of S corporations making charitable contributions of property (a) In general Section 1367(a)(2) of the Internal Revenue Code of 1986 is amended by striking the last sentence. (b) Effective date The amendment made by this section shall apply to contributions made in taxable years beginning after December 31, 2014.

tv_txt: IB Union Calendar No. 10 114th CONGRESS 1st Session H. R. 630 [Report No. 114–16] IN THE HOUSE OF REPRESENTATIVES January 30, 2015 Mr. Reichert (for himself and Mr. Kind ) introduced the following bill; which was referred to the Committee on Ways and Means February 9, 2015 Additional sponsors: Mr. Reed and Mr. Costello of Pennsylvania February 9, 2015 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on January 30, 2015 A BILL To amend the Internal Revenue Code of 1986 to make permanent certain rules regarding basis adjustments to stock of S corporations making charitable contributions of property.

1. Short title This Act may be cited as the Permanent S Corporation Charitable Contribution Act of 2015 . 2. Permanent rule regarding basis adjustment to stock of S corporations making charitable contributions of property (a) In general Section 1367(a)(2) of the Internal Revenue Code of 1986 is amended by striking the last sentence. (b) Effective date The amendment made by this section shall apply to contributions made in taxable years beginning after December 31, 2014.

February 9, 2015 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed