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President’s Budget Cuts Could Hurt Small Business

The President’s budget for the fiscal year 2006 was released Tuesday, Feb. 8. There is growing concern about the President’s repeated budget cuts of the Small Business Administration (SBA) over the past four years, says John Kerry, ranking member of the Senate Committee on Small Business and Entrepreneurship.

The President’s fiscal year 2006 budget proposal for SBA is an $85 million decrease from the fiscal year 2005 budget proposal. The budget also hits programs that help small manufacturers by cutting $62 million (57 percent) from the Manufacturing Extension Partnership (MEP).

New Report Details Minority Businesses’ Growth

Minority-owned businesses expand, contract and survive at rates that differ from non-minority owned businesses, according to a study recently released by the Office of Advocacy of the U.S. Small Business Administration. The report tracks the success of minority-owned employer establishments that were in operation from 1997 to 2001.

“This report provides new insights into the dynamics of minority-owned business establishments,” said Chad Moutray, chief economist for the Office of Advocacy. “These insights are important for policy-makers working to expand an ownership society to all segments of our society.”

The complete report, Dynamics of Minority-Owned Employer Establishments, 1997-2001, is available on the Office of Advocacy’s Web site at www.sba.gov/advo/research/rs251tot.pdf.

Death Tax Repeal Permanency Act of 2005

The “Death Tax Repeal Permanency Act of 2005” (HR8 and S420) was introduced in the House by Representatives Kenny Hulshof (R-MO) and Bud Cramer (D-AL) and to the Senate by Senators Jon Kyl (R-AZ) and Bill Nelson (D-FL). The bill will make the repeal of the death tax permanent.

“For too long now, small family-owned businesses have been penalized by this unfair and outdated tax,” said Ralph Nappi, Chairman of the Small Business Legislative Council. “Passage this year of the “Death Tax Repeal Permanency Act of 2005” will ensure our family-owned small businesses that the death tax will finally be buried without any fear of resurrection.”

Contact your legislators to express your support of the bill. Visit the Advocacy page of www.afswebsite.org for links to contact information.

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