Contact UsCan someone please provide a legislative update from the Hill in connection to "S Corporation" built-in gains tax-holding periods? This is critical for one of my S corporation clients that needs planning advice for quicker access to capital and need insight as to the direction Congress may or may not take. Thank You!
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Peter Scalise, SAX LLP
On Thursday, June 12th the House passed, by a vote of 263 to 155, H.R. 4453 entitled the "S Corporation Permanent Tax Relief Act of 2014" making permanent the shortening of the built-in gains tax holding period for S Corporations from 10 years to 5 years to give S Corporations quicker access to their capital.
As a caveat, both the House and Senate must reconcile their differing bills before any legislation is submitted to the President for his signature in order for the bill to become law. To that end, the reconciliation process of the House and Senate bills will likely be arduous and drawn out, but hopefully Congress can continue their momentum with their drafting of tax legislation before adjourning for summer recess.
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514 weeks ago
As a caveat, both the House and Senate must reconcile their differing bills before any legislation is submitted to the President for his signature in order for the bill to become law. To that end, the reconciliation process of the House and Senate bills will likely be arduous and drawn out, but hopefully Congress can continue their momentum with their drafting of tax legislation before adjourning for summer recess.