To amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill, To amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers. The main policy domain is Finance, Energy, Foreign Policy.
Who Benefits and How
financial institutions, investors, and borrowers may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, financial institutions, investors, and borrowers may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section H61AAF9AD67004BC98FE35003D9D7C1C0: 1. Short title; reference This Act may be cited as the S Corporation Modernization Act of 2024. Except as otherwise expressly provided, whenever in this Act an...
- Section H052DA405317C449F96624C0CA712772C: 2. Treatment of S corporation built-in gain amount upon death of shareholder Part II of subchapter S of chapter 1 is amended by adding at the end the...
- Section H6064438EC7D147FC8B5A0FF38182FCAE: 1369. Treatment of S corporation built-in gain amount upon death of shareholder A person holding stock in an electing S corporation the basis of which is...
- Section H5060FB6C21B0433A8AB0AC0512FBFB8C: 3. Modifications to S corporation passive investment income rules Section 1375(a)(2) is amended by striking 25 percent and inserting 60 percent. Section...
- Section HB8D8BEEB5ED84E239ABC28F94582B56D: 4. Nonresident alien individuals permitted as S corporation shareholders Section 1361(b)(1) is amended by adding and at the end of subparagraph (B), by...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
This bill, To amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Key Policy Areas
Finance, Energy, Foreign Policy
Primary Purpose
This bill, To amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Policy Domains
Whole bill
Identified Gains
- financial institutions, investors, and borrowers
Identified Costs
- federal implementing agencies
- financial institutions, investors, and borrowers
Legislative Progress
IntroducedMr. Wenstrup introduced the following bill; which was referred to …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_secretary"
- → The Secretary identified in the operative section
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology