Job Creation - The S Corporation Association

Stimulus Package Discussed

Following a closed-door planning session today of members of the Senate Finance Committee, we expect the Committee will mark-up the tax portions of a stimulus package as early as January 22^nd. As we indicated previously, committee members are committed to exerting their jurisdiction over the tax portions of the package. Moreover, there appears to be a growing debate over certain provisions in the Obama plans. As Dow Jones reports this afternoon:

“When asked about specific tax cut proposals made by Obama, Kerry said, “I think there are cuts …

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admin2019-02-06T17:22:36+00:00January 8, 2009|

S-Corp Supports Small Business Tax Modernization Act

More good news for S Corps! Congresswoman Nydia VelC!zquez, Chairwoman of the House Small Business Committee, introduced legislation last week “the Small Business Tax Modernization Act of 2008” that includes many provisions with the potential to benefit the S corporation community.

Of particular interest to S corporations, the bill would allow nonresident aliens to invest in S corporations. This restriction, developed half a century ago, prohibits S corporations from partnering with investors in other countries. Lifting this restriction would enhance an S corporation’s ability to access new sources of capital, which will in turn help generate new investment and job creation …

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admin2019-02-06T18:06:07+00:00July 29, 2008|

Senate S Corp Modernization Act Introduced!

Good news for the S corporation community! Senators Blanche Lincoln (D-AR), Orrin Hatch (R-UT), Gordon Smith (R-OR) and Ben Cardin (D-MD) introduced the S Corporation Modernization Act of 2008, S. 3063, last evening.

The introduction of this legislation helps us move forward on our list of priority reforms, including critical relief from the built-in gains and passive investment rules while expanding the list of potential S corporation shareholders to allow for direct investment from foreign sources and retirement vehicles.

As S-Corp readers know, Senator Lincoln has been a long-time champion of our issues. In her statement introducing the bill, she made clear …

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admin2019-02-06T18:06:08+00:00May 23, 2008|

Stimulating S Corporations

S Corporation Association Chairman Richard Roderick weighed in on behalf of S corporations yesterday regarding the second stimulus package being developed in the House. In a letter to Small Business Committee Chairwoman Nydia VelC!zquez, Roderick argued that any bill moving through Congress should include assistance to S Corporations.

In particular, the letter advocates for relief from the built in gains tax (BIG) that forces so many S corporations to sit on appreciated assets that could be put to better use. As the letter states:

“According to government statistics, hundreds of thousands of S corporations …

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admin2019-02-06T18:06:09+00:00May 2, 2008|

Small Business Week 2008

Washington loves small businesses, at least in its rhetoric.B April 20-26^th was Small Business Week.B The annual event is devoted to recognizing the “determination and ingenuity of America’s workers and entrepreneurs who play a vital role in building a more prosperous future for our country.”

Since 1963, every President has declared National Small Business Week to formally recognize the important role of small businesses in America.

In a discussion with small business owners, President Bush argued that “every day ought to be Small Business Day in America” and that government’s role should be “to create an …

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admin2019-02-06T18:06:09+00:00April 30, 2008|