S Corporation Reform Act of 2006 (S. 3838)
Introduced by Senators Orrin Hatch (R-UT) and Blanche Lincoln (D-AR), the bS Corporation Reform Act ofB 2006b is a broad package of S corporation reforms that would make significant improvements to the rules that govern how S corporations are structured and operate. The bill includes a number of provisions to:
- Help improve capital formation opportunities for small business ;
- Preserve family-owned businesses; and
- Eliminate unnecessary and unwarranted traps for taxpayers.