WASHINGTON — Senate Finance Committee Chairman Max Baucus (D-Mont.) and Ranking Minority Member Charles Grassley (R-Iowa) have introduced legislation to further reduce the tax burden on Subchapter S companies, including banks.
The bill would help existing Sub S banks while permitting more companies into the Sub S fold, according to the Independent Community Bankers of America. "The Small Business and Work Opportunity Act of 2007 contains reasonable relief measures to help ease the punitive double tax burden faced by thousands of small businesses and community banks," ICBA President/CEO Camden R. Fine said. "Electing subchapter S status is a proven means to prevent double taxation and improve the viability of small businesses such as community banks, which are financial lifelines for many businesses and local economies. Today there are more than 2,400 subchapter S community banks–approaching one-third of all banks nationwide."
Key subchapter S reforms in the Baucus-Grassley bill include:
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
