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Bill113th CongressFiled Apr 10, 2014Taxation
H.R. 4453

S Corporation Permanent Tax Relief Act of 2014

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary passed house amended (Jun 12, 2014)

S Corporation Permanent Tax Relief Act of 2014 - Amends the Internal Revenue Code, with respect to the taxation of S corporations, to make permanent: (1) the reduction of the period (10 to 5 years) during which the built-in gains of such corporations are subject to tax, and (2) the rule requiring an adjustment to the basis of an shareholder's stock in an S corporation that makes tax deductible contributions of appreciated property. 

Prohibits the entry of the budgetary effects of this Act on any PAYGO (Pay As You Go) scorecard.

What just happenedJun 17, 2014

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 433.

Who’s behind it

Rep. Reichert, David G. [R-WA-8](R-WA)Sponsor
2 cosponsors1 D1 R
Read on Congress.gov
2cosponsors1committees24actions1amendments6related bills6subjects
  1. Jun 17, 2014Calendars

    Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 433.

  2. Jun 16, 2014Calendars

    Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

  3. Jun 12, 2014FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  4. Jun 12, 2014FloorH37100

    On passage Passed by the Yeas and Nays: 263 - 155 (Roll no. 311). (text: CR H5324)

  5. Jun 12, 2014Floor8000

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 263 - 155 (Roll no. 311).(text: CR H5324)

  6. Jun 12, 2014FloorH36110

    On motion to recommit with instructions Failed by the Yeas and Nays: 188 - 229 (Roll no. 310).

    Ways and Means Committee
  7. Jun 12, 2014FloorH30000

    Considered as unfinished business. (consideration: CR H5340-5341)

  8. Jun 12, 2014FloorH8D000

    POSTPONED PROCEEDINGS - At the conclusion of debate on the motion to recommit with instructions, the Chair put the question on the motion to recommit with instructions, and by voice vote, announced that the nays had prevailed. Mr. Neal demanded the yeas and nays, and pursuant to the order of the House of June 12, 2014, the Chair postponed further proceedings until a time to be announced.

  9. Jun 12, 2014FloorH8A000

    The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H5339)

  10. Jun 12, 2014FloorH8D000

    DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions pending reservation of a point of order. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to extend the built-in gains of S Corporations recognition period and the charitable contribution adjusted basis for two additional years. The point of order was subsequently withdrawn.

  11. Jun 12, 2014FloorH36100

    Mr. Neal moved to recommit with instructions to the Committee on Ways and Means. (consideration: CR H5329-5330, H5340-5341)

    Ways and Means Committee
  12. Jun 12, 2014FloorH35000

    The previous question was ordered pursuant to the rule. (consideration: CR H5329)

  13. Jun 12, 2014FloorH8D000

    DEBATE - The House proceeded with one hour of debate on H.R. 4453.

  14. Jun 12, 2014FloorH30000

    Considered under the provisions of rule H. Res. 616. (consideration: CR H5324-5330)

  15. Jun 11, 2014FloorH1L220

    Rule H. Res. 616 passed House.

  16. Jun 10, 2014FloorH1L210

    Rules Committee Resolution H. Res. 616 Reported to House. Rule provides for one hour of general debate on the bills. H.R. 4800 shall be considred for amendment under a modified open rule. H.R. 4457 and H.R. 4453 shall be considred for amendment under a closed rule.

  17. May 2, 2014CalendarsH12410

    Placed on the Union Calendar, Calendar No. 317.

  18. May 2, 2014CommitteeH12200

    Reported (Amended) by the Committee on Ways and Means. H. Rept. 113-429.

    Ways and Means Committee
  19. May 2, 2014Committee5000

    Reported (Amended) by the Committee on Ways and Means. H. Rept. 113-429.

    Ways and Means Committee
  20. Apr 29, 2014Committee

    Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 21 - 13.

    Ways and Means Committee
  21. Apr 29, 2014Committee

    Committee Consideration and Mark-up Session Held.

    Ways and Means Committee
  22. Apr 10, 2014IntroReferralH11100

    Referred to the House Committee on Ways and Means.

    Ways and Means Committee
  23. Apr 10, 2014IntroReferralIntro-H

    Introduced in House

  24. Apr 10, 2014IntroReferral1000

    Introduced in House

Passed House amendedJun 12, 201436

S Corporation Permanent Tax Relief Act of 2014 - Amends the Internal Revenue Code, with respect to the taxation of S corporations, to make permanent: (1) the reduction of the period (10 to 5 years) during which the built-in gains of such corporations are subject to tax, and (2) the rule requiring an adjustment to the basis of an shareholder's stock in an S corporation that makes tax deductible contributions of appreciated property. 

Prohibits the entry of the budgetary effects of this Act on any PAYGO (Pay As You Go) scorecard.

Reported to House with amendment(s)May 2, 201417

Permanent S Corporation Built-in Gains Recognition Period Act of 2014 - Amends the Internal Revenue Code to reduce from 10 to 5 years the period during which the built-in gains of an S corporation are subject to tax and to make such reduction permanent.

Introduced in HouseApr 10, 2014

Amends the Internal Revenue Code to reduce from 10 to 5 years the period during which the built-in gains of an S corporation are subject to tax and to make such reduction permanent.

S Corporation Permanent Tax Relief Act of 2014 — Informed