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;

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