Bankers' Groups Urge Congress to Include Sub S Expansion in Small Business Tax Relief Compromise

WASHINGTON — Three national banking trade associations delivered a joint letter to the chairmen and ranking members of the House Ways & Means and Senate Finance committees encouraging them to include the Subchapter S reforms from the Senate bill in any compromise legislation.

The April 12 letter signed by the American Bankers Association, America’s Community Bankers, and the Independent Community Bankers of America commended the Congress for passing the bills. “Importantly,” it read, “we urge that any final House-Senate compromise on small business tax relief preserve the Subchapter S reforms in the Small Business and Work Opportunity Act of 2007 passed by the Senate. The Subchapter S provisions have bipartisan support and will help strengthen small businesses and the Subchapter S financial institutions that help finance them.”