Bill > HR630

This bill, the Permanent S Corporation Charitable Contribution Act of 2015, aims to make a specific tax rule permanent for S corporations, which are businesses that pass their profits and losses through to their owners without being subject to corporate tax. Currently, when an S corporation makes a charitable contribution of property, the shareholder's basis, which is essentially their investment in the stock, is reduced by the property's adjusted basis (its original cost minus depreciation) rather than its fair market value. This bill ensures that this method of reducing a shareholder's stock basis for charitable contributions will continue indefinitely, applying to tax years beginning after December 31, 2014.