Small Business and Financial Institutions Tax Relief Act of 1998

Referred to the House Committee on Ways and Means.

H.R.4553 through Congress

H.R.4553 keeps its number as it moves between the House and Senate.

HouseSep 11, 1998IntroducedOfficial record

Major milestones in the imported record. See all actions.

No Senate action is available in our imported record yet.

Separate related Senate measures (1)

These are different measures identified as related by Congress.gov. Their text and outcomes may differ; they are not the Senate stage of H.R.4553.

Related Senate bill: S.2346 Small Business and Financial Institutions Tax Relief Act of 1998

Congressional Research Service

Official summary

Version 00 · Introduced in House · Sep 11, 1998

Small Business and Financial Institutions Tax Relief Act of 1998 - Amends the Internal Revenue Code to permit S corporation eligible shareholders to include individual retirement accounts. (Sec. 3) Excludes investment securities income held by a bank from passive income limits for purposes of S status termination. (Sec. 4) Increases the number of eligible S corporation shareholders. (Sec. 5) States that stock held by a bank director as required by banking regulations (director qualifying stock) shall not be considered a disqualifying second class of S corporation stock. (Sec. 6) Directs the Secretary of the Treasury to modify a certain Regulation to permit an S corporation bank to charge certain bad debt deductions over a related bad debt reserve recapture period. (Sec. 7) Includes all banks within the three-year deduction preference rule.

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People & committees

Who introduced it

Rep. Roukema, Marge [R-NJ-5] · R–NJ

Committees

Ways and Means Committee

9 cosponsorship records, including any withdrawals

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

Sep 11, 1998
Referred to the House Committee on Ways and Means.
Sep 11, 1998
Introduced in House
Sep 11, 1998
Introduced in House

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in House · Sep 11, 1998 Formatted Text PDF

Related bills identified by Congress.gov

S 2346 · Small Business and Financial Institutions Tax Relief Act of 1998

Source last updated: Aug 21, 2025. Consult Congress.gov for the current record.

AI Conversation Starters

Explore the bill from different angles

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Neutral evidence review

Objective

Analyze H.R.4553 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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Discuss H.R.4553, 105th Congress: Small Business and Financial Institutions Tax Relief Act of 1998

Official record: https://www.congress.gov/bill/105th-congress/house-bill/4553

Text version to examine: Introduced in House · 1998-09-11.

Official full text: https://www.congress.gov/105/bills/hr4553/BILLS-105hr4553ih.htm

Imported record last updated by the source: 2025-08-21T16:11:58Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze H.R.4553 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine H.R.4553 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

View full prompt & sources

Discuss H.R.4553, 105th Congress: Small Business and Financial Institutions Tax Relief Act of 1998

Official record: https://www.congress.gov/bill/105th-congress/house-bill/4553

Text version to examine: Introduced in House · 1998-09-11.

Official full text: https://www.congress.gov/105/bills/hr4553/BILLS-105hr4553ih.htm

Imported record last updated by the source: 2025-08-21T16:11:58Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.4553 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine H.R.4553 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

View full prompt & sources

Discuss H.R.4553, 105th Congress: Small Business and Financial Institutions Tax Relief Act of 1998

Official record: https://www.congress.gov/bill/105th-congress/house-bill/4553

Text version to examine: Introduced in House · 1998-09-11.

Official full text: https://www.congress.gov/105/bills/hr4553/BILLS-105hr4553ih.htm

Imported record last updated by the source: 2025-08-21T16:11:58Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.4553 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine H.R.4553 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss H.R.4553, 105th Congress: Small Business and Financial Institutions Tax Relief Act of 1998

Official record: https://www.congress.gov/bill/105th-congress/house-bill/4553

Text version to examine: Introduced in House · 1998-09-11.

Official full text: https://www.congress.gov/105/bills/hr4553/BILLS-105hr4553ih.htm

Imported record last updated by the source: 2025-08-21T16:11:58Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.4553 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.