August 29, 2003
The Honorable Charles E. Grassley
United States Senate
Washington, DC 20510-1501
Dear Chairman Grassley:
On behalf of the 5,000 members of the Independent Community Bankers of America we urge you to include much needed Subchapter S tax reforms in any "ETI" reform legislation being crafted in the Senate Finance Committee. We appreciate your ongoing support for small business tax reforms and especially your efforts on Subchapter S relief. Subchapter S reforms enjoy broad bipartisan support and would simplify the tax treatment for thousands of small businesses and community banks. Many important Subchapter S reforms have already been included in the House bill H.R. 2896, the "American Jobs Creation Act of 2003." We urge you to also include these Subchapter S reform items in any Senate ETI legislation.
The Subchapter S changes in H.R. 2896 will help preserve the viability of community-based banks, small businesses, and most importantly, will help bolster the local economies of the communities they serve and support.
We thank you for your consideration of these important Subchapter S reforms.
Kenneth A. Guenther
President & CEO
cc: Sen. Max Baucus, Ranking Minority Member, Senate Finance Committee