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

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                   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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