The Subchapter S Reform Act has been introduced in the Senate by Sen David Pryor and Sen John Danforth to update the laws that govern the two million S corporations in the US. The bill is intended to limit the restrictions placed on small businesses and maximize economic growth. Changes in the bill include loosening the eligibility requirements, limiting compliance steps and allowing more family trust arrangements. The greater flexibility that the act will allow should provide accountants with greater planning options.
S corporation reform bill introduced in Senate.
The long-awaited Subchapter S Reform Act (S 1690) was introduced by Senate Finance Committee members David Pryor (D-Ark.) and John Danforth (R-Mo.). The bill's sponsors are hopeful the measure will receive support from the Clinton administration and that a companion bill will be introduced in the House shortly (see "Subchapter S Reform at Hand?" JofA, Sept.93, page 33)."I'm delighted the bill ...