FOR IMMEDIATE RELEASE
ICBA Thanks Tax Conferees for Subchapter S Reform Support
Washington, D.C. (Oct. 5, 2004) - The Independent Community Bankers of America (ICBA) today praised House Ways and Means Committee Chairman Bill Thomas (R-Calif.) and key tax conferees for including ICBA-backed Subchapter S reforms in the latest version of the American Jobs Creation Act of 2004, (H.R. 4520).
"America's small businesses stand to benefit from the wisdom of the House and Senate conferees who helped ensure that needed Subchapter S reforms were included in this bill," said Camden R. Fine, ICBA's president and CEO. "These simplification measures have attracted bipartisan and bicameral support because they would assist more than three million Subchapter S small businesses across America as well as thousands of other job-creating businesses seeking to become Subchapter S corporations."
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 rules.
ICBA especially thanks House conferee Rep. Jim McCrery (R-La.) and Senate Conferees Orrin Hatch (R-Utah), John Breaux (D-La,), Gordon Smith (R-Ore.) and Blanch Lincoln (D-Ark.) for their support in fighting to ensure these provisions are preserved in the final House-Senate conference on H.R. 4520.
ICBA looks forward to supporting Congress to quickly enact these much-needed Subchapter S reforms.