H.R.4553 - Small Business and Financial Institutions Tax Relief Act of 1998105th Congress (1997-1998)
Summary: H.R.4553 — 105th Congress (1997-1998)
Introduced in House (09/11/1998)
Small Business and Financial Institutions Tax Relief Act of 1998 - Amends the Internal Revenue Code to permit S corporation eligible shareholders to include individual retirement accounts.
(Sec. 3) Excludes investment securities income held by a bank from passive income limits for purposes of S status termination.
(Sec. 4) Increases the number of eligible S corporation shareholders.
(Sec. 5) States that stock held by a bank director as required by banking regulations (director qualifying stock) shall not be considered a disqualifying second class of S corporation stock.
(Sec. 6) Directs the Secretary of the Treasury to modify a certain Regulation to permit an S corporation bank to charge certain bad debt deductions over a related bad debt reserve recapture period.
(Sec. 7) Includes all banks within the three-year deduction preference rule.