4453 ,

S Corporation Permanent Tax Relief Act of 2014 - Amends the Internal Revenue Code, with respect to the taxation of S corporations, to make permanent: (1) the reduction of the period (10 to 5 years) during which the built-in gains of such corporations are subject to tax, and (2) the rule requiring an adjustment to the basis of an shareholder's stock in an S corporation that makes tax deductible contributions of appreciated property. 

Prohibits the entry of the budgetary effects of this Act on any PAYGO (Pay As You Go) scorecard.

Policy Area

Taxation

Legislative Terms

  • accounting and auditing
  • business investment and capital
  • capital gains tax
  • securities
  • small business
  • tax administration and collection, taxpayers