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H.R. 630, Permanent S Corporation Charitable Contribution Act of 2015 1 (February 5, 2015)

handle is hein.congrec/cbo2059 and id is 1 raw text is: =_-CONGRESSIONAL BUDGET OFFICE ci COST ESTIMATE February 5, 2015 H.R. 630 Permanent S Corporation Charitable Contribution Act of 2015 As ordered reported by the House Committee on Ways and Means on February 4, 2015 H.R. 630 would amend the Internal Revenue Code to make permanent a rule that expired at the end of 2014 that defines how a shareholder in an S corporation adjusts the basis of that S corporation stock to account for that corporation's contributions of property to charity. This legislation would permanently provide that a shareholder reduces S corporation stock basis by an amount equal to the shareholder's pro rata share of the adjusted basis of the contributed property, instead of the pro rata share of the fair market value of the contributed property. The staff of the Joint Committee on Taxation (JCT) estimates that enacting H.R. 630 would reduce revenues, thus increasing federal deficits, by $635 million over the 2015-2025 period. The Statutory Pay-As-You-Go Act of 2010 establishes budget-reporting and enforcement procedures for legislation affecting direct spending and revenues. Enacting H.R. 630 would result in revenue losses in each year beginning in 2015. The estimated increases in the deficit are shown in the following table. JCT has determined that the bill contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act. The CBO staff contact for this estimate is Nathaniel Frentz. The estimate was approved by David Weiner, Assistant Director for Tax Analysis.

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