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[print version]
On July 28, 2009, the Committee on Private Company Policy (CPC-P) sent a letter in support of the S Corporation Modernization Act of 2009 to the bill’s sponsors: Senator Blanche Lincoln (D-AR) and Congressman Ron Kind (D-WI).
Specifically, CPC-P supports providing relief from the section 1374 built-in gains tax (“BIG”) on Subchapter S corporations. Reducing the holding period from 10 to 7 years for BIG assets on a permanent basis would provide access to additional capital for many small businesses. BIG relief can help S corporations access and redeploy capital currently “locked-in” by prohibitively high tax rates.
Without this focus on S corporation modernization, many of America’s privately owned businesses would be unnecessarily burdened with outdated and complicated laws concerning ownership, capital restrictions and taxes.
[print version]
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