S. 2156: S Corporation Modernization Act of 2019

116th Congress · introduced 2019-07-18 · Taxation · Latest: Read twice and referred to the Committee on Finance. (text: CR S4950-4952)

federal

Follow this bill, step by step

Where it came from: introduced 2019-07-18 · official record
Who proposed it: Sen. Thune, John [R-SD] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Finance. (text: CR S4950-4952) 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.

What does this mean?

Official title

S Corporation Modernization Act of 2019

Plain summary

S Corporation Modernization Act of 2019 This bill modifies the tax treatment of S corporations (pass thru entities) to increase from 25% to 60% of S corporation gross receipts the threshold for taxing S corporations with passive investment income; eliminate a provision terminating the status of S corporations with excessive passive investment income for three consecutive years; permit S corporations to have individual retirement accounts as shareholders; 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 permit the Internal Revenue Service to treat a late revocation of S corporation status as timely if it finds there was reasonable cause for failure to make a timely revocation.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

S Corporation Modernization Act of 2019

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Thune, John [R-SD] · 2 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Sponsor's campaign money: Sen. Thune, John [R-SD] reported raising $4.7 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

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 Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-116s2156.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/116/s>

Record fed-us-cong116-s2156 · catalog fed-us-congress-bills-cong116 · updated 2026-11-15 by psicol fed-bills-cong116