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[Return]2000 Releases
March 2000


 
CONTACTS Frank Coleman/Linda Rozett
(202)463-5682/888-249-NEWS

Thursday, March 9, 2000U.S. Chamber Calls on Congress to Pass Small Business Tax Fairness Act

WASHINGTON, D.C. – The United States Chamber of Commerce urged the House to pass the Small Business Tax Fairness Act (HR 3832) in a letter sent this week to Congress. The proposed legislation is a pro-growth, job creation bill that provides important tax relief for American small businesses.

"This bill would reverse years of inequity by providing the self-employed with 100 percent deductibility for their health insurance costs," said Bruce Josten, Executive Vice President for the Chamber. "By passing this bill, Congress has a chance to give our nation’s small businesses needed tax relief, while at the same time spur economic growth and business investment."

The Small Business Tax Fairness Act would spur investment by increasing the amount of equipment eligible for expensing from $19,000 to $30,000, and would increase the business meal and entertainment expense to 60 percent. The bill provides relief from the death tax and reinstates the installment method of accounting for certain employers who sell their business. Moreover, the Chamber noted, the legislation modernizes the pension system, by increasing the contribution and benefit limits, as well as simplifying the pension laws.

"Effective changes to the pension system are critical to ensuring the retirement security of future generations," said Josten. "Greater ease in complying with pension laws will dramatically increase participation in the employer-based system."

The U.S. Chamber of Commerce is the world’s largest business federation representing more than three million businesses and organizations of every size, sector and region.

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