The Washington Wire Archive - The S Corporation Association

BIG (Built-In Gains) Day, Continued

Building on the oral testimony of Congressman Dave Reichert (R-WA) at the member’s hearing on tax extenders held by the Ways and Means Revenues subcommittee, Congressman Ron Kind (D-WI) also weighed in to support extending built-in gains relief this year.

An original author of the S Corporation Modernization Act, Kind, in his written comments to the subcommittee writes:

A provision of chief importance is the provision reducing the holding period for Built-In Gains from 10 years to five years for those small businesses known as S corporations. This provision allows our business community to create jobs in the United States. …

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admin2019-02-01T20:21:27+00:00May 22, 2012|

Game On!

This morning, Ways and Means Committee Chairman Dave Camp announced that the House would act this fall, prior to the November elections, to extend current tax rates while outlining a process whereby the Committee would consider broad, comprehensive reforms to the tax code in 2013. This is obviously very welcome news to S-Corps and other job creators! Here’s what he had to say:

I can firmly say our goal is: One, block massive, job-killing tax increases; and, two, enact - not just pass - comprehensive tax reform. And, there is strong support to use the expiration of the 2010 compromise …

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admin2019-02-01T20:21:27+00:00May 17, 2012|

Senate Defeats S-Corp Tax Hike

Good news for job creators! The Senate just voted against moving forward on legislation that would increase taxes on S corporations by $9 billion. The legislation was opposed by a broad coalition of business groups, led by the S Corporation Association, including the US Chamber of Commerce and the National Federation of Independent Business. A motion to close debate and proceed to the bill was defeated on a party-line vote — 52-45. (Sixty votes are required to end debate in the Senate.)

This is the second time in two years the business community has successfully blocked legislation to increase payroll taxes …

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admin2019-02-01T20:21:27+00:00May 8, 2012|

Business Groups United Against Payroll Tax Hike

In advance of next week’s vote to raise taxes on S corporations by $9 billion, a group of 38 business associations wrote Senate leadership strongly opposing the provision. Signed by S-Corp, the US Chamber, NFI and other leading groups, the letter details the numerous flaws in the provision. As reported in The Hill:

A coalition of business groups is pushing back against a Democratic proposal to pay for lower student loan rates with tax revenue. The U.S. Chamber of Commerce, along with roughly three dozen other groups, said ‘the plan could increase the payroll tax burden on business owners …

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admin2019-02-01T20:21:28+00:00May 4, 2012|

BIG (Built-In Gains) Day

The Ways and Means Committee Subcommittee on Select Revenue Measures heard from Members last week on the tax extenders they care most about. Given the relative dearth of legislative opportunities this year, there was lots of interest in the session and lots of member involvement. Twenty-seven Members showed up to state their case for the tax breaks they believe should be made permanent and would create jobs and help the economy.

From our perspective, they saved the best for last, as the final witness of the day was S-Corp champ Congressman Dave Reichert (R-WA), who made the case for the common-sense …

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admin2019-02-01T20:21:28+00:00May 1, 2012|