FOR IMMEDIATE RELEASE
ICBA Congratulates President Bush, Congress for Enacting Vital Tax Bill
Washington, D.C. (Oct. 22, 2004) - The Independent Community Bankers of America (ICBA) applauds and congratulates President Bush for signing the American Jobs Creation Act today, which included important small business tax reforms and relief.
The legislation includes important provisions ICBA has long advocated that will allow more small businesses to reduce punitive double taxation and onerous regulations by qualifying as Subchapter S corporations. The Subchapter S corporation measures were specific recommendations ICBA made to Congress in its recent comprehensive tax study (see /files/PDFs/2003taxstudy.pdf ).
"ICBA is proud to have supported, from their inception, the Subchapter S corporation provisions included in the American Jobs Creation Act," said Camden R. Fine, president and CEO of the ICBA. "This legislation will lighten an increasingly heavy tax and regulatory burden on small businesses, which generate the vast majority of the nation's economic and job growth. This legislation is designed to spur greater business investment, economic growth and job creation."
America currently has more than three million Subchapter S small businesses. Unlike C corporations, S corporations prevents onerous double taxation by allowing them to pay income taxes only once at the individual shareholder level.
In addition to thanking President Bush and all the members of Congress supporting the legislation, ICBA is grateful for the bipartisan efforts of many lawmakers in securing the ICBA-backed Subchapter S relief for community banks and Main Street America. ICBA particularly recognizes House Ways and Means Committee Chairman Bill Thomas (R-Calif.), Senate Finance Committee Chairman Charles Grassley (R-Iowa), and Senate Finance Committee Ranking Member Max Baucus (D-Mont.) for their bold leadership and hard work in passing this important legislation.
"ICBA was actively involved in promoting the bill, particularly its Subchapter S provisions, from the very beginning," Fine said. "This is smart legislation that will help keep Main Street America vital and strong all across the country."