Reichert, Kind Introduce Bill to Remove Barriers for Small Businesses
Washington, DC – Recently, Reps. Dave Reichert (WA-R) and Ron Kind (WI-D) introduced H.R. 1696, the S Corporation Modernization Act. This bill removes barriers and updates rules for the 4.5 million S corporations across the nation, allowing small businesses to better attract capital enabling growth and the hiring of new workers.
“With more than 95,000 S corporations in Washington State, the large majority being small businesses, it is absolutely critical we create an environment for these businesses to grow,” said Reichert. “This bill helps us do just that by modernizing the rules to support these proven job creators in their mission to grow, compete, and get Americans back to work. I am proud to work with my friend, Ron Kind, on this common-sense bill.”
“With nearly 60,000 S Corporations in Wisconsin, supporting these job creators is a key priority of mine as I work to strengthen the economy in Wisconsin and create jobs,” said Rep. Kind. “This bipartisan bill will bring stability, simplicity and fairness to the tax code and enable S Corporations to continue to provide good jobs and help sustain local communities.”
“The S corporation is the best vehicle for private enterprise ever invented, and the S Corporation Modernization bill helps to ensure it stays that way,” said President of the S Corporation Association, Brian Reardon. “We really appreciate the commitment Reps Reichert and Kind bring to Main Street business issues, and we look forward to seeing these provisions enacted into law this Congress.”
Specifically, H.R. 1696 would make needed changes to keep S corporations competitive, and ensure the continued success of America’s predominant private business model by:
- Increasing the ability of S corporations to attract capital;
- Modernizing the rules that apply to firms that have selected S corporation status; and
- ·Encouraging charitable giving by S corporations
These reforms would improve the ability of S corporations to respond to the current business environment and remove impediments that prevent them from competing on a level playing field at home in the United States.