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ICBA Thanks Chairwoman Velázquez for Small Business Tax Reform Legislation

Washington, D.C. (July 25, 2008)—The Independent Community Bankers of America (ICBA) thanks House Small Business Committee Chairwoman Nydia Velázquez, (D-N.Y.) for introducing ICBA-backed small business tax reform legislation.

"Rep. Velázquez tirelessly pursues what is best for our nation's small businesses and community banks because they are the foundation of the towns and cities throughout our country. The Small Business Tax Modernization and Stimulus Act of 2008 offers several, sensible small business tax fixes," said Cynthia L. Blankenship, ICBA chairman and vice chairman and chief operating officer of Bank of the West, Grapevine, Texas. "By addressing onerous tax code restrictions impacting small businesses our economy as a whole is better served."

The bill would update the deduction for small business offices, and business meals and entertainment expenses, and would allow non-resident aliens to be Subchapter S shareholders. ICBA praised the solid reforms already advanced in bipartisan legislation, including the ICBA-inspired Communities First Act (H.R.1869/S.1405) introduced in the 110th Congress. ICBA enthusiastically supports these reform bills and looks forward to working with lawmakers to further legislation to help boost economic growth.

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