ICBA News Release
ICBA Director of Communications
ICBA Chief Economist and Director of Federal Tax Policy
FOR IMMEDIATE RELEASE
ICBA Praises Passage of H.R. 4520 With Necessary Subchapter S Reform
Washington, D.C. (June 17, 2004) - The Independent Community Bankers of America (ICBA) praised House Ways and Means Committee Chairman Bill Thomas (R-Calif.) today for including ICBA-backed Subchapter S reforms in the American Jobs Creation Act of 2004. The House passed H.R. 4520 by a wide margin of 251 - 178. "Undoubtedly, the Subchapter S reforms included in this bill will help ease the punitive double tax burden faced by thousands of small businesses and community banks nationwide," said Camden R. Fine, ICBA's president and CEO.
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.
- Easing restrictive passive income and bank director share rules.
ICBA thanks the members of the House who voted for this important legislation and will fight to ensure these S corporation provisions are preserved in the House-Senate conference on H.R. 4520.