Home/Tag: bipartisan

S Corp Provisions on House Floor

Last Friday, longtime S-CORP allies Rep. Dave Reichert (R-WA) and Rep. Ron Kind (D-WI) introduced two pieces of legislation – H.R. 629 and H.R. 630 – to extend tax provisions critical to America’s 4.6 million S corporations.

The bills would make permanent the five-year built-in gains holding period as well as a basis adjustment fix for S corporations making charitable contributions.  They build off the momentum from last Congress when identical bills successfully passed the House with broad bipartisan support. These provisions are ones that we’ve championed for years, and go a long way towards making the tax

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2019-02-01T20:00:11+00:00February 3, 2015|

Payroll Tax Update

Congressional taxwriters, especially in the House, continue to express interest in raising payroll taxes on active S corporation shareholders as an offset to the tax extender package under consideration, and the business community has responded.

Nineteen groups penned letters to Chairmen Levin of Ways and Means and Baucus of Senate Finance, highlighting their concerns with the proposal. As BNA reported:

Small business groups urged in an April 28 letter that House Ways and Means Committee Chairman Sander Levin (D-Mich.)

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2019-02-06T17:21:00+00:00May 6, 2010|

The Skinny on the Jobs Bill

So we’re still trying to figure out what happened between Thursday morning and Thursday afternoon last week.

On Thursday morning, the Senate Finance Committee released an $84 billion “Jobs” bill draft with all the expected items included — jobs provisions, tax extenders, unemployment and COBRA extensions, etc.

That same afternoon, Senator Reid rejected that approach and offered a “skinny” $15 billion bill instead. He called up the House-passed Jobs bill, offered his skinny package as an amendment, filled the amendment tree, and filed cloture on the new package. The skinny bill includes the Schumer-Hatch payroll tax credit, Section 179 expensing relief, Build

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2019-02-06T17:21:00+00:00February 18, 2010|

Congressman Kind Introduces S Corp Modernization Bill

Just before Congress left for the holiday break, Congressman Ron Kind (D-WI) introduced legislation to help improve the rules under which S corporations operate. The bill, H.R. 4840, is entitled the “S Corporation Modernization Act of 2007″ and was cosponsored by a strong bipartisan set of members, including Representatives Jim Ramstad (R-MN), Stephanie Tubbs Jones (D-OH), Allyson Schwartz (D-PA), Phil English (R-PA), Sam Johnson (R-TX), and Steve Kagen (D-WI).

Congrats to the Kind office for introducing this important legislation and putting together this impressive list of cosponsors. Given that most of our S corporation challenges are tax-related, the fact that six

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2019-02-06T18:43:58+00:00December 20, 2007|

AMT Dominates Tax Outlook

For the past few months, we’ve been tracking the progress, or lack thereof, of legislation to protect taxpayers from the growth of the Alternative Minimum Tax. The two principle points of tension were:

  • Conflicting approaches between the House and the Senate. The House, under the leadership of Chairman Charlie Rangel, was pressing to do something permanent. The Senate, on the other hand, made it clear that they were only interested in a one or two year “patch” to temporarily stem the growth of AMT taxpayers.
  • Conflicting approaches on how to offset the revenue impact of addressing the AMT, or whether to offset

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2019-02-06T18:44:36+00:00October 18, 2007|