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ICBA Applauds House Passage of Key Tax and Hurricane Relief Measures

Legislation Would Provide Business with Certainty in U.S. Tax Laws

Washington, D.C. (December 8, 2005)-The Independent Community Bankers of America (ICBA) applauded the U.S. House of Representatives for passing key tax reconciliation legislation, hurricane relief measures, and alternative minimum tax (AMT) relief (HR 4297, the Tax Relief Extension Act; HR 4440 the Gulf Opportunity Zone Act; and HR 4096 the Stealth Tax Relief Act respectively.)

"The House's approval of several key tax-relief related measures offers small business, community banks and their customers needed certainty in the tax laws," said Camden R. Fine, ICBA president and CEO. "ICBA is greatly appreciative of the House for including several ICBA-recommended hurricane tax relief provisions in the bill that will help rebuild the devastated region. ICBA urges the full Congress to quickly pass the legislation."

In particular, small businesses and community banks, which are integral to rebuilding the Gulf Coast region, are encouraged by tax relief provisions that would increase small-business expensing, provide employee retention tax incentives, enhanced tax-exempt bond authority and a five-year Net Operating Loss (NOL) carryback provision for businesses located within designated disaster areas damaged by Gulf hurricanes.

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