S Corporation Modernization Act of 2009 (S. 996)
Introduced by Senate Finance Committee Members, Senators Blanche Lincoln (D-AR) and Orrin Hatch (R-UT) on May 7th, 2009, this legislation is the Senate companion to H.R. 2910. This legislation contains many ofS-CORPbs long-time legislative priorities including easing punitive restrictions that apply to converted S corporations and punish the unwary, as well as increasing S corporationsb access to capital by reducing ownership restrictions.
Given the current economic conditions, this legislation is more important than ever to help ensure the success of Americabs S corporations.