LEGISLATIVE UPDATES:
Legislation to Aid Small Business Flows Through Congress
Musgrave Introduces Bill to Aid Small Businesses
Rep. Marilyn Musgrave of Colo. recently introduced a bill that would provide aid to small businesses while extending the small business tax break.
The tax break allows small businesses to deduct property and equipment up to $100,000 the year it is put in service rather than spreading it out over several years. The break is set to expire in 2008, but the Musgrave bill would extend it to 2010.
“Allowing small-business owners to immediately expense critical investments is key to the expansion of our economy,” said Musgrave. “Extending the limits through 2010 helps provide greater stability for business owners, allowing them to better plan for the future.” For information, visit http://www.house.gov/musgrave.
Tax Reform Panel Moves Into Second Phase
The President’s Advisory Panel on Federal Tax Reform has nearly completed its first stage of comprehensive review of the existing tax system and will move into the second stage to consider specific reform proposals, according to a statement by the panel.
The panel called for public comment on the current tax system and heard from thousands of Americans concerned with where the tax code stands. The statement released by the panel focused largely on the inequity and unfairness of the Alternative Minimum Tax. The AMT will probably be a focal point of tax reform proposals by the panel. The high cost of tax compliance on entrepreneurs was mentioned as something important to consider.
To read the entire statement by the President’s Advisory Panel on Federal Tax Reform, visit www.taxreformpanel.gov/index.shtml.
Speak Out on Legislative Issues
Speak out and let your elected officials know how you feel about issues that affect you.
These links will help you find all the information you need to phone, fax or e-mail your legislators.
These links can be found at www.afswebsite.org/Advocacy.asp
Official Government Sites:
U.S. House of Representatives
www.house.gov
U.S. Senate
www.senate.gov
The White House
www.whitehouse.gov
Other Helpful Sites:
www.congress.org
www.c-span.org
U.S. Small Business Administration
www.sba.gov
Internal Revenue Service
www.irs.gov
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