September 29, 2003
The Honorable Jim McCrery
House of Representatives
2104 Rayburn HOB
Washington, DC 20515-1804
Dear Mr. Chairman:
A sincere thank you on behalf of myself and the Independent Community Bankers of America for your help in including S Corporation reforms in H.R. 2896. I know firsthand that these reforms in Chairman Thomas' "ETI-fix" bill will be extremely helpful to Louisiana's small businesses and manufacturers who rely heavily on available local lending to start, run, and grow their businesses. I greatly appreciated the opportunity to testify before your Select Revenue Committee in June on ways we can simplify S corporation rules and make them more small business friendly. ICBA does greatly appreciate your efforts in advancing some of these key Subchapter S reforms.
A few simplifications to the onerous Subchapter S rules would go a long way in correcting the complexities that block many community banks from converting to S corporations as Congress intended in 1996. The ICBA is urging all Ways and Means Committee members to ensure beneficial Subchapter S reforms now in H.R. 2896 are part of any final "ETI-fix" legislation passed.
Thank you again Mr. Chairman for your fine work. The ICBA stands ready to help you in any way we can to help enact a sound ETI-fix bill with important S corporation reforms.
President & CEO
MidSouth Bank, Lafayette, Louisiana