(Washington, DC) -- The Small Business Survival Committee (SBSC) today praised Senate Small Business Committee Chairman Christopher S. "Kit" Bond for introducing the Small Business Works Act of 2001. The provisions of the legislation include tax relief and simplification for small business owners across America.
"Small businesses are the engine of the American economy, and Senator Bond's legislation will ensure that there is enough fuel to keep the motor running fast and strong," said SBSC President Christopher Wysocki.
Key provisions of the legislation introduced yesterday include just some of the following:
100% deductibility of health insurance costs for self-employed individuals;
A repeal of the individual Alternative Minimum Tax over five years;
A repeal of the federal unemployment surtax;
Permanent extension of the Research and Experimentation tax credit;
Increased deduction for business meal expenses.
"In addition to the tax relief, the legislation introduced by Senator Bond also simplifies cumbersome and complex tax rules meaning that small business owners will have to spend less time with accountants and can spend more energy on servicing their customers and growing their businesses," said Wysocki.
Wysocki concluded, "The small business community is extremely pleased with the proposal put forth by Senator Bond, and we are excited about the signal this legislation sends to America about how the 107th Congress will meet the needs of America's entrepreneurs."
The Small Business Survival Committee is a nationwide, nonpartisan and nonprofit advocacy organization representing more than 60,000 small business men and women. For more information, please visit the SBSC website at http://www.sbsc.org/ or call (202) 785-0238.
