S 1782 · 109th Congress · Taxation

Qualified Personal Service Corporations Clarification Act of 2005

Introduced 2005-09-28· Sponsored by Sen. Brownback, Sam [R-KS]· Senate

Bill Progress

✓
Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Read twice and referred to the Committee on Finance.(2005-09-28)

Plain Language Summary

[AI summary unavailable — showing source text] Qualified Personal Service Corporations Clarification Act of 2005 - Amends the Internal Revenue Code to modify the criteria for determining whether a corporation is a qualified personal service corporation. Includes within the definition of qualified personal service corporation a qualifying corporation substantially all of whose stock is held by certain former employees (thus permitting such corporation to use the cash method of accounting).…

Summarized by Claude AI · Non-partisan · For informational purposes only