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Small Business Tax Package — Part II!

House Leadership has indicated that it will attach the $4.8 billion Small Business tax package to the second Iraq supplemental spending bill to be considered by the House this week. The tax package will likely remain the same, while the underlying spending bill will fund operations in Iraq for just three months. This approach will likely pass the House, but it appears to have significant challenges in the Senate and at the other end of Pennsylvania Avenue. As CongressDaily reported yesterday morning:

“McConnell labeled as a “uniquely bad idea” the House proposal backed by Appropriations Committee Chairman Obey

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2019-02-06T18:44:38+00:00May 9, 2007|

Small Business Tax Package Passes Senate for Second Time

It’s getting so you can’t tell the tax bills without a program. The Small Business Tax package that includes the S Corporation Reform tax title has been adopted by the Senate for the second time, this time as a Baucus/Grassley amendment to the Iraqi War supplemental.

An earlier version of this package was adopted as part of the effort to raise the minimum wage. Differences between the House and the Senate stalled that bill, and the House attached its version to the supplemental as a means of breaking the stalemate. What happens now is

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2019-02-06T18:46:05+00:00March 29, 2007|

S-CORP Leads Coalition Push for S Corporation Reforms in Minimum Wage Bill

The S Corporation Association (“S-CORP”) today sent a letter to congressional tax writers advocating for the inclusion of S corporation reforms in the final small business tax relief package and for the need to make these provisions effective immediately.

Signed by the S Corporation Association, the Associated General Contractors, the Printing Industries of America, the Independent Community Bankers of America, the Association for Manufacturing Technology, America’s Community Bankers, and the National Roofing Contractors Association, the letter emphasizes the important role S corporations play in the growth of small businesses and the

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2019-02-06T18:46:05+00:00February 28, 2007|

House Passes Small Business Tax Package — What’s the Next Step?

Real quick, the House just passed its small business tax package (H.R. 976) to accompany the proposed minimum wage increase, 360-45. This action follows a very bipartisan markup last Monday, where the tone of the hearing was a dramatic departure from what we’ve come to expect from Ways and Means meetings. That this comity occurred over a $1 billion package that included no S corporation provisions was a little disconcerting, but it is something we will have to work on.

So what’s the next step? The Senate could take up the House-passed

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2019-02-06T18:46:06+00:00February 16, 2007|

Rangel Ready to Prepare Small Business Tax

Good news for S corporations and other closely-held businesses! Ways and Means Chairman Charles Rangel (D-NY) indicated yesterday that he plans to put together a package of small business provisions to be coupled with the minimum wage increase that has already passed both the House and the Senate. This announcement reverses the previous position of the House leadership, who had indicated they wanted to send the President a “clean” minimum wage bill. As BNA reports:

House Ways and Means Committee Chairman Charles Rangel (D-N.Y.) said Feb. 6 that the House would put together

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2019-02-06T18:46:06+00:00February 7, 2007|