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ICBA Statement on Senate Finance Committee’s Small Business and Work Opportunity Act of 2007

Washington, D.C. (January 17, 2007)—Independent Community Bankers of America (ICBA) Chairman Terry J. Jorde, president and CEO of CountryBank USA, Cando, N.D., made the following statement upon completion of the Senate Finance Committee markup of The Small Business and Work Opportunity Act of 2007.

"ICBA applauds the Senate Finance Committee and especially thanks Senate Finance Committee Chairman Max Baucus (D-MT), Ranking Minority Member Charles Grassley (R-IA), and Sens. Orrin Hatch (R-UT), Blanche Lincoln (D-AR) and Gordon Smith (R-Ore.) for quickly advancing this bi-partisan legislation including ICBA-backed Subchapter S reforms and Section 179 small business expensing.

"The Small Business and Work Opportunity Act's tax relief is well crafted and would benefit small businesses and their employees nationwide. Community banks and small businesses work closely together to keep America's communities vibrant. The reasonable tax relief in this bill will help small businesses do what they do best -- create jobs and economic growth."

The Act provides for beneficial Subchapter S reforms and is intended to be paired with legislation to increase the federal minimum wage.

Find details of the Senate Finance Committee bill on the Senate Finance Committee website: http://www.senate.gov/~finance.

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