FOR IMMEDIATE RELEASE
ICBA Urges Quick Passage of Corporate Tax Bill H.R. 4520
Washington, D.C. (Oct. 7, 2004) - The Independent Community Bankers of America (ICBA) is urging House and Senate lawmakers to quickly pass the American Jobs Creation Act of 2004 (H.R. 4520) before Congress departs Washington for the November elections.
"ICBA has lobbied for this bill on behalf of millions of America's small businesses, which will be bolstered by the tax reforms in H.R. 4520 and passage of this essential legislation is vital," stated Camden R. Fine, ICBA's president and CEO.
Specifically, ICBA praised the inclusion of long-overdue Subchapter S reforms. "Notably, more than three million Subchapter S small businesses across America as well as thousands more seeking to become S corps will receive much-needed relief from today's onerous rules and restrictions," said Paul Merski, ICBA chief economist and director of federal tax policy. "This bill is good news for some 2,300 existing S corporation banks and the 1,400 additional community banks considering electing S corporation status as these reforms are enacted.
Key Subchapter S reforms in H.R. 4520 include:
- Increasing the number of Subchapter S corporation eligible shareholders to 100 from 75;
- Counting family members as only one shareholder;
- Permitting S corporation shares to be held in Individual Retirement Accounts; and
- Easing restrictive passive-income and bank-director share rules.
This is must-pass legislation and the ICBA urges all lawmakers to quickly adopt H.R. 4520 and for President Bush to sign it into law.