WASHINGTON — Legislative language to expand the Subchapter S option for community banks passed the House last night as part of a separate measure to fund military operations.
Coupled with a federal minimum wage increase, the banker-backed small business and Subchapter S tax measures have been incorporated into a larger $4.8 billion small business tax package awaiting the president's signature.
The relevant portions of the bill (H.R. 2206) would:
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