S. 3254, A bill to amend the Internal Revenue Code of 1986 to allow banks to be taxed as limited liability companies, and for other purposes

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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S. 3254 would amend the Internal Revenue Code of 1986 to allow banks to be taxed as limited liability companies.

Detailed Summary

Amends the Internal Revenue Code to allow a state-chartered banking entity to elect to be treated as a partnership or separate entity for tax purposes if it is organized as a limited liability company under state law and has Federal Deposit Insurance Corporation (FDIC) insurance. Exempts such an entity from treatment as a bank under the Internal Revenue Code for purposes of its bad debts, losses, gains from the sale of its securities, and the taxation of its common trust funds.

Status of the Legislation

Latest Major Action: 7/11/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.

Points in Favor

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Points Against

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