Small Business Tax Modernization Act of 2008 (H.R. 6601)

Introduced by Chairwoman of the House Small Business Committee Congresswoman Nydia VelC!zquez (D-NY) on July 24, 2008, the bSmall Business Tax Modernization Act of 2008b includes many provisions with the potential to benefit the S corporation community.

Of particular interest to S corporations, the bill would allow nonresident aliens to invest in S corporations.B This restriction, developed half a century ago, prohibits S corporations from partnering with investors in other countries.B Lifting this restriction would enhance an S corporationbs ability to access new sources of capital, which will in turn help generate new investment and job creation in this country.

Click here to read S-Corpbs letter to Chairwoman VelC!zquez

Click here to read a summary of the bill

Click here to read the full text of the bill