To amend the Internal Revenue Code of 1986 to provide for a small partnership exception from certain requirements.

Bill: 115-hr-3508
Sponsor: full_name: Rep. Renacci, James B. [R-OH-16]
Introduced: 2017-07-27
Policy area: Taxation
Subjects: Small business

Tax administration and collection, taxpayers
Latest action: action_date: 2017-07-27
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2017-07-27
action_desc: Introduced in House
text: <p>This bill amends the Internal Revenue Code to exempt small partnerships from certain requirements relating to tax returns. The exception applies to any partnership having 10 or fewer partners, each of whom is an individual (other than a nonresident alien), a C corporation, or an estate of a deceased partner. For the purpose of the exception, a husband and wife (and their estates) must be treated as one partner. </p> <p>The bill allows a partnership to elect to have deficiency procedures apply to the assessment or collection of any underpayment of tax attributable to certain adjustments involving a change in a partner's distributive share of the amount of any partnership item shown on the partnership return. </p>

tv_txt: I 115th CONGRESS 1st Session H. R. 3508 IN THE HOUSE OF REPRESENTATIVES July 27, 2017 Mr. Renacci (for himself and Mr. Davidson ) 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 provide for a small partnership exception from certain requirements.

1. Small partnership exception (a) In general Paragraph (1) of section 6241 of the Internal Revenue Code of 1986, as in effect for returns filed for partnership taxable years beginning after December 31, 2017, is amended to read as follows: (1) Partnership (A) In general Except as provided in subparagraph (B), the term partnership means any partnership required to file a return under section 6031(a). (B) Exception for small partnerships (i) In general The term partnership shall not include any partnership having 10 or fewer partners each of whom is an individual (other than a nonresident alien), a C corporation, or an estate of a deceased partner. For purposes of the preceding sentence, a husband and wife (and their estates) shall be treated as 1 partner. (ii) Election to have subchapter apply A partnership (within the meaning of subparagraph (A)) may for any taxable year elect to have clause (i) not apply. Such election shall apply for such taxable year and all subsequent taxable years unless revoked with the consent of the Secretary. . (b) Effective date The amendment made by this section shall apply with respect to returns filed for partnership taxable years beginning after December 31, 2017.