FOR IMMEDIATE RELEASE
ICBA Praises Senate Tax Package, Urges Quick Approval in House
Washington, D.C. (December 15, 2010)-Jim MacPhee, ICBA chairman and CEO of Kalamazoo County State Bank, Kalamazoo, Mich., today issued this statement following the Senate passage of legislation to extend high-priority tax measures.
"ICBA cheered the Senate's passage of legislation to prevent pending tax increases for community banks and other small businesses and strongly urges the House to promptly approve the package. Extending these critical tax measures before they expire in just 16 days will provide much-needed tax certainty and allow community banks and other small businesses to better support job growth and the economic recovery.
"The vast majority of small businesses and more than 2,200 Subchapter S Corporation community banks pay their taxes at the individual income tax level. Much-needed private capital available for businesses and community banks is influenced by the capital gains and dividend tax rates and the expected rate of return on new investment. Ensuring that these Main Street businesses do not face tax hikes in this challenging economic environment is the right thing to do at this critical time in our nation's recovery."