WASHINGTON — The banking lobby was able to push small businesstax relief through as part of the U.S. Troop Readiness and IraqAppropriations Act (H.R. 2206), providing $4.84 billion in taxrelief for thousands of small businesses and community banks.

The president signed the bill into law May 25. The new lawprovides more than $750 million in ICBA-backed small business taxrelief, including improved small business expensing and beneficialSubchapter S tax provisions. Several provisions were part of theICBA-advanced Communities First Act (S. 1405 and H.R. 1869). Theywould:

?? 1/2 Exclude capital gains from passive investment income forSubchapter S businesses;

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 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.