H.R. 1696: S Corporation Modernization Act of 2017
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H.R. 1696: S Corporation Modernization Act of 2017
115th Congress · introduced 2017-03-23 · Taxation · Latest: Referred to the House Committee on Ways and Means.
federal
Follow this bill, step by step
- Where it came from: introduced 2017-03-23 · official record
- Who proposed it: Rep. Reichert, David G. [R-WA-8] · what a sponsor is
- What happened next: no floor votes in our records yet. Why?
- Where it stands now: Referred to the House Committee on Ways and Means. Not final yet: this can still change. We check for updates every day.
- If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.
Official title
S Corporation Modernization Act of 2017
Plain summary
S Corporation Modernization Act of 2017 This bill amends the Internal Revenue Code, with respect to the tax treatment of S corporations, to: allow a nonresident alien to be a qualifying beneficiary of an electing small business trust (ESBT), which is a type of trust that is permitted to hold shares in an S corporation; allow S corporations to increase passive investment income from 25% to 60% without incurring additional taxes; eliminate a provision terminating the S corporation status of corporations with excessive passive income for three consecutive years; allow any S corporation bank to have individual retirement account shareholders; allow ESBTs to claim expanded tax deductions for charitable contributions; allow an adjustment to the basis of an S corporation's assets upon the death of a shareholder, in the form of a 15-year amortization deduction; and extend the time period for making S corporation elections.
Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.
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A “Nay” vote
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What does this mean? (plain words)
Official text
S Corporation Modernization Act of 2017
Source: Congressional Research Service summary (Introduced in House)
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How did my representative vote? · This bill's floor votes
Officials and money
Sponsor: Rep. Reichert, David G. [R-WA-8] · 1 cosponsors
Cost estimate: No cost estimate published yet.
Cosponsors on this site
No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.
Words on this page, explained (1)
- Bill
- A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Plain meanings written from linked sources. All words.
Sources
- Congressional Research Service summary (Introduced in House)
- Congress.gov
- Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-115hr1696.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/115/hr>
Record fed-us-cong115-hr1696 · catalog fed-us-congress-bills-cong115 · updated 2026-11-15 by psicol fed-bills-cong115