S Corp Mod - The S Corporation Association

S-Corp Modernization Introduced in the House

Good news for the S corporation community! Ways and Means Member Brad Wenstrup (R-OH) has introduced the S Corporation Modernization Act of 2024 (H.R. 8614). S-Corp Mod has a long history of simplifying the rules for Main Street businesses and helping the Main Street businesses be more competitive as they remain in the family.

The introduction of this year’s bill will help S-Corp move forward on a list of technical tax provisions important to the country’s 5 million S corporations, including:

Increasing their access to capital;
Expanding the list of eligible shareholders to include more employees, non-resident aliens, and retirement …

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S-Corp Mod Introduced in Senate!

Senators John Thune (R-SD) and Ben Cardin (D-MD) today introduced S. 2156, the 2019 version of the S Corporation Modernization Act. The new Modernization Act focuses on leveling the rules between S corporations and other business forms while increasing the opportunity for S corporations to raise capital. Among other items, the bill would:

Provide meaningful relief from the so-called “Sting Tax” passive income rules;
Expand the ability of IRAs to invest in S corporation banks; and
Level the tax-treatment of asset sales with sales of S corporation stock.

As the Senators noted at the introduction:

“While I believe we’ve …

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