Tax Administration Simplification Act

[AI summary unavailable — showing source text] [Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [S. 5316 Introduced in Senate (IS)] <DOC> 118th CONGRESS 2d Session S. 5316 To amend the Internal Revenue Code of 1986 to extend the period of time for making S corporation elections, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES November 14, 2024 Mrs. Blackburn (for herself and Ms. Cortez Masto) introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to extend the period of time for making S corporation elections, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Tax Administration Simplification Act''. SEC. 2. EXTENSION OF TIME FOR MAKING S CORPORATION ELECTIONS. (a) In General.-- (1) When election made.--Section 1362(b)(1) of the Internal Revenue Code of 1986 is amended to read as follows: ``(1) In general.--An ele…