H.R. 4453 · 113th Congress
Permanent S Corporation Built-in Gains Recognition Period Act of 2014
- Stage
- Passed a chamber
- Sponsor
- David Reichert
- Introduced
- 2014-04-10
- Latest action
- 2014-06-17 · Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 433.
Summary
S Corporation Permanent Tax Relief Act of 2014 - Amends the Internal Revenue Code, with respect to the taxation of S corporations, to make permanent: (1) the reduction of the period (10 to 5 years) during which the built-in gains of such corporations are subject to tax, and (2) the rule requiring an adjustment to the basis of an shareholder's stock in an S corporation that makes tax deductible contributions of appreciated property.
Prohibits the entry of the budgetary effects of this Act on any PAYGO (Pay As You Go) scorecard.