H.R. 2626 — Introduced in House

I 114th CONGRESS 1st Session H. R. 2626 IN THE HOUSE OF REPRESENTATIVES June 3, 2015 Mr. Lucas (for himself and Mr. Cole) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to permit Indian tribal governments to be shareholders of S corporations. 1. Indian tribal governments permitted to be shareholders of S corporations (a) In general Section 1361(b)(1)(B) of the Internal Revenue Code of 1986 is amended by striking or an organization described in subsection (c)(6) and inserting an organization described in subsection (c)(6), or an Indian tribal government (as defined in section 7701(a)(40) and including any subdivision of such government and any agency or instrumentality of such government or subdivision). (b) Effective date The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.