IRA ownership of S corporation bank stock (a) In General Section 1361(c)(2)(A)(vi) of the Internal Revenue Code of 1986 is amended by striking , but only to the extent of the stock held by such trust in such bank or company as of the date of the enactment of this clause . (b) Sale of Stock in IRA Relating to S Corporation Election Exempt From Prohibited Transaction Rules Section 4975(d)(16) of the Internal Revenue Code of 1986 is amended by striking subparagraph (B) and by redesignating subparagraphs (C), (D), (E), and (F) as subparagraphs (B), (C), (D) and (E), respectively. (c) Effective Date The amendments made by this section shall take effect on January 1, 2018. 110. Qualified employer plans prohibited from making loans through credit cards and other similar arrangements (a) In general Paragraph (2) of section 72(p) of the Internal Revenue Code of 1986 is amended by redesignating subparagraph (D) as subparagraph (E) and by inserting after subparagraph (C) the following new subparagraph: (D) Prohibition of loans through credit cards and other similar arrangements (i) In general Except as provided in clause (ii), subparagraph (A) shall not apply to any loan which is made through the use of any credit card or any other similar arrangement. (ii) Exception for existing credit card systems Clause (i) shall not apply to any loan to the extent such loan is provided through an electronic card system which, as of September 21, 2016, was available for use to provide loans under qualified employer plans. (iii) Disallowed transactions If any card through which a loan is provided under the exception of clause (ii) is used for any transaction— (I) in an amount equal to or less than $1,000, or (II) with or on the premises of any establishment described in clause (i), (ii), or (iii) of section 408(a)(12)(A) of the Social Security Act, the amount of such transaction shall be treated as having been received by the individual as a distribution in accordance with subparagraph (A) of paragraph (1). (iv) Cost-of-living adjustment