tax breaks - The S Corporation Association

Energy Tax Bill and Energy Offsets

For those small business groups who are thinking that Big Oil will foot the bill for any energy tax title enacted this year, a new CRS report issued Tuesday provides little comfort.

The report, entitled “Oil and Gas Subsidies: Current Status and Analysis,” summarizes the current state of tax provisions targeted directly at the oil and gas industries. What they found is those tax “subsidies” are not as valuable as many people have assumed. As the report concludes:

“Although the above oil and gas tax subsidies may not be justified …

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admin2019-02-06T18:46:05+00:00March 2, 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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admin2019-02-06T18:46:06+00:00February 16, 2007|

A New Congress Brings New Tax Writers

Last week marked the swearing-in of all new Members of Congress and the official change in control of the House and Senate from Republican to Democratic hands. House Democrats elected Nancy Pelosi (D-CA) Speaker of the House and Senate Democrats elected Senator Harry Reid (D-NV) Senate Majority Leader.

On the Republican side, leadership was also elected - Rep. John Boehner (R-OH) is the Minority Leader of the House and Rep. Roy Blunt (R-MO) is Minority Whip – final committee assignments were also announced. Republican members filled the remaining two vacancies on the tax-writing Ways and Means Committee with Reps. Patrick Tiberi …

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admin2019-02-06T18:46:06+00:00January 9, 2007|

Senators Gordon Smith and Blanche Lincoln Introduce the BOOST Act!

Congress is back in session, and we’ve got good news! Senators Smith and Lincoln yesterday introduced S. 3857, the “Bringing Opportunities to Our Small-Business Taxpayers (BOOST)” Act. This legislation is designed to help all closely held businesses continue to grow and thrive. For our S-CORP members, the BOOST Act contains an entire section devoted to S-CORP priorities, including provisions to make it easier businesses to convert to S corporation status and provisions to increase S-CORP access to capital by reducing ownership restrictions on S corporations.

Combined with previous bills introduced by Congressman Clay Shaw (H.R. 4421), Congressman Jim Ramstad (H.R. 2239), …

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admin2019-02-06T18:47:19+00:00September 7, 2006|

Energy Tax Bill and Energy Offsets

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

A New Congress Brings New Tax Writers

Senators Gordon Smith and Blanche Lincoln Introduce the BOOST Act!

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