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H. Rept. 114-15 1 (2015-02-09)

handle is hein.congrecreports/crptxqzm0001 and id is 1 raw text is: AUTHENTICATEO U.S. GOVERNMENT INFORMATION Gp 114TH CONGRESS REPORT 1st Session HOUSE OF REPRESENTATIVES 114-15 PERMANENT S CORPORATION BUILT-IN GAIN RECOGNITION PERIOD ACT OF 2015 FEBRUARY 9, 2015.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. RYAN of Wisconsin, from the Committee on Ways and Means, submitted the following REPORT together with DISSENTING VIEWS [To accompany H.R. 629] [Including cost estimate of the Congressional Budget Office] The Committee on Ways and Means, to whom was referred the bill (H.R. 629) to amend the Internal Revenue Code of 1986 to make permanent the reduced recognition period for built-in gains of S corporations, having considered the same, report favorably thereon with an amendment and recommend that the bill as amended do pass. CONTENTS Page I. SUMMARY AND BACKGROUND ............................................................... 2 A. Purpose and Sum m ary .................................................................... 2 B. Background and Need for Legislation ............................................ 2 C. Legislative H istory ........................................................................... 2 II. EXPLANATION OF THE BILL ................................................................... 3 A. Reduced Recognition Period for Built-In Gains of S Corporations Made Permanent (sec. 1374 of the Code) ..................................... 3 III. VOTES OF THE COMMITTEE .................................................................... 5 IV. BUDGET EFFECTS OF THE BILL ........................................................... 6 A. Committee Estimate of Budgetary Effects ...................................... 6 B. Statement Regarding New Budget Authority and Tax Expendi- tures Budget Authority ................................................................. 8 C. Cost Estimate Prepared by the Congressional Budget Office ....... 8 V. OTHER MATTERS TO BE DISCUSSED UNDER THE RULES OF TH E H O U SE .............................................................................................. 11 A. Committee Oversight Findings and Recommendations ................. 11 49-006

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