S Corporation Modernization Act of 2009 (H.R. 2910)
Introduced by House Ways and Means Member, Congressman Ron Kind (D-WI) on June 17th, 2009, the S Corporation Modernization Act of 2009 is designed to update and simplify the rules governing S corporations b rules that date back as far as 50 years ago.B B Specifically, the legislation:
- Enhances the ability of S corporations to attract and raise capital;
- Makes it easier for family-owned S corporations to stay in the family; and
- Encourages additional charitable giving by S corporations and the trusts that hold them.
Joining Congressman Kind in introducing the legislation were fellow Ways & Means Committee Members Wally Herger (R-CA), Allyson Schwartz (D-PA) and Dave Reichert (R-WA).