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No Agreement on H.R. 4297

House and Senate tax writers failed to reach an agreement this week on a final tax reconciliation conference report (H.R. 4297), despite earlier predictions that a final bill would be unveiled this week. It appears that the final bill will include both the AMT relief the Senate wants and the extension of the lower rates on investment income the House wants, as well as provisions necessary to cover the out-year revenue losses of the lower rates. According to Senate Finance Committee Chairman Grassley, these items add up to $74 billion over five years, $4 billion more than the budget limit. …

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2019-02-06T18:47:20+00:00April 28, 2006|

S-CORP and Congressional Small Business Advocates Continue Push for b�Sting Taxb� Relief

Congress has returned from a weeklong recess and once again will attempt to finish last year’s tax business: a $70 billion tax cut bill (the “reconciliation” bill) and a pension reform bill. The S Corporation Association (“S-CORP”) continues to work with congressional tax-writers to include a Senate-passed provision to provide “sting tax” relief for S corporations subject to double taxation at the highest corporate rate in the tax reconciliation bill. S-CORP salutes Senator Blanche Lincoln (D-AR) for leading a bicameral and bipartisan letter that was sent last night to the House and Senate conferees.

The letter urges House and Senate conferees …

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2019-02-06T18:47:20+00:00March 28, 2006|

New Congressional Budget Doesn’t Protect Tax Relief

There are two ways to pass a tax bill in the Senate: bring it up under the regular floor rules and gain the support of 60 Senators, or bring it up under the “budget reconciliation” process and attain the support of a simple majority. The budget offered by Senate Budget Chair Judd Gregg last week assumes $227 billion in lower taxes over the next five years, but doesn’t protect that tax relief under reconciliation.

What does that mean for S-CORP members?

It means that any tax bill brought to the Senate floor that conforms to the budget resolution would still …

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2019-02-06T18:47:20+00:00March 14, 2006|

The President’s Budget

One of the challenges of political advocacy is to separate real from imagined threats. For S Corps, the threat of increasing payroll taxes on S Corp profits continues to be very real indeed, despite the best efforts of a broad coalition of business groups to educate policy makers on why the proposals on the table are bad policy and bad economics. For example, the attached BNA story is about a relatively narrow proposal in the President’s new budget to increase collections of payroll taxes from companies that lease employees to other businesses.

At first blush, it’s not really about S Corps. …

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2019-02-06T18:48:17+00:00February 10, 2006|

S-CORP Marked Key Legislative Successes in 2005, Though Major Battles Loom in 2006

With Congress finally home for the holidays, S-CORP has begun to focus on its 2006 agenda. Before we embark on the year ahead, however, we wanted to take a moment to recap for member companies some of our 2005 milestones. The year was extremely active and largely positive for S-CORP and our members. Among the most noteworthy developments we marked were:

  • Blocking Proposed Payroll Tax Hikes on S Corp Shareholders

As members recall, we began the year with a very real threat to S corporations in the form of two proposals - one from the Treasury Department and another from …

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2019-02-06T18:48:17+00:00December 30, 2005|
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