To amend the Internal Revenue Code of 1986 to permit Indian tribal governments to be shareholders of S corporations.

Bill: 114-hr-2626
Sponsor: full_name: Rep. Lucas, Frank D. [R-OK-3]
Introduced: 2015-06-03
Policy area: Taxation
Subjects: Corporate finance and management

Indian social and development programs

Minority and disadvantaged businesses

Small business
Latest action: action_date: 2015-06-03
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2015-06-03
action_desc: Introduced in House
text: <p>Amends the Internal Revenue Code to allow an Indian tribal government to be a shareholder of an S corporation. </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 2626 IN THE HOUSE OF REPRESENTATIVES June 3, 2015 Mr. Lucas (for himself and Mr. Cole ) 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 permit Indian tribal governments to be shareholders of S corporations.

1. Indian tribal governments permitted to be shareholders of S corporations (a) In general Section 1361(b)(1)(B) of the Internal Revenue Code of 1986 is amended by striking or an organization described in subsection (c)(6) and inserting an organization described in subsection (c)(6), or an Indian tribal government (as defined in section 7701(a)(40) and including any subdivision of such government and any agency or instrumentality of such government or subdivision) . (b) Effective date The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.