{"database": "press", "table": "releases", "rows": [["https://carey.house.gov/2026/07/24/carey-introduces-s-corporation-modernization-act-to-strengthen-small-businesses-and-promote-growth/", "Carey Introduces S Corporation Modernization Act to Strengthen Small Businesses and Promote Growth", "2026-07-24", "2026", "2026-07", "Republican", "House", "OH", "Mike Carey", "C001126", "carey.house.gov", "carey", "https://carey.house.gov/press-releases/", "scraper", "WASHINGTON, D.C. \u2013 This week, U.S. Rep. Mike Carey (R-Ohio-15) introduced the S Corporation Modernization Act, legislation to modernize outdated tax rules affecting S corporations, helping businesses access capital, expand employee ownership, and compete in today\u2019s economy.\n\n\u201cS corporations are the backbone of our economy, supporting tens of millions of jobs and driving economic growth in communities across the country,\u201d said Rep. Carey. \u201cUnfortunately, many of the rules governing S corporations haven\u2019t kept pace with today\u2019s economy and create unnecessary hurdles for S corporations, both large and small. The S Corporation Modernization Act updates these outdated policies, reduces complexity, and gives job creators the flexibility they need to invest, grow, and keep more Americans employed.\u201d\n\nThe S Corporation Modernization Act includes several updates to the tax code, including:\n\nAllowing S corporations to elect an inside basis adjustment following the death of a shareholder, similar to partnerships.\n\nModernizing passive investment income rules by raising the threshold for the so-called \u201cSting Tax\u201d and repealing the automatic loss of S corporation status after three years.\n\nExpanding employee ownership opportunities by treating employee owners similarly to ESOPs for shareholder limitation purposes.\n\nAllowing IRAs to own S corporation stock under rules comparable to other qualified retirement plans.\n\nPreserving suspended losses when S corporation shares transfer upon a shareholder\u2019s death.\n\nRepealing Section 409A to reduce unnecessary complexity surrounding deferred compensation.\n\nIncreasing the shareholder limit for S corporations from 100 to 250 to better reflect today\u2019s business environment.\n\nS corporations are one of the most common business structures in the United States, providing pass-through taxation while allowing businesses to raise capital, create jobs, and reinvest in their operations. The legislation builds on decades of bipartisan reforms by updating provisions that have become outdated or unnecessarily burdensome for today\u2019s small businesses.\n\nFull text of the bill can be found here.\n\n###", 1, "2026-07-25T07:13:44Z", "2026-07-25T07:15:09Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://carey.house.gov/2026/07/24/carey-introduces-s-corporation-modernization-act-to-strengthen-small-businesses-and-promote-growth/"], "units": {}, "query_ms": 1.3464430812746286, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}