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SBCA
Small Business Council of America

SBCA CONGRATULATES CONGRESS

FOR HELPING AMERICA’S SMALL BUSINESSES WITH THE ENACTMENT OF H.R. 5297
“Small Business Jobs and Credit Act of 2010”

September 24, 2010. Bethesda, MD

The Small Business Council of America congratulates and thanks Congress, in particular Senators Max Baucus, Charles Grassley, Ben Nelson, George Voinovich, and George LeMieux, as well as Congressmen John Lewis, Charles Boustany, Jr and Joe Donnelly, for their leadership and efforts to grow America’s economy by helping our nation’s small and family owned businesses.  With the enactment of the Small Business Jobs and Credit Act of 2010, Congress has provided the US’s engine of economic growth, America’s small and family owned businesses, improved access to capital as well as tax incentives to help grow and create jobs.  The Act also provides some much needed relief  for small and family-owned businesses from the unintended consequences of a draconian listed transaction tax penalty, commonly referred to as the Section 6707A penalty.

The SBCA heard from numerous small business owners throughout the country who were being held strictly liable for huge 6707A listed transaction tax penalties.  The SBCA is proud to have helped them find their voice in Washington on this issue, and we applaud Congress for helping to cap the amount of the liability for qualifying small businesses and their owners. 

The SBCA is the only national nonprofit organization whose sole purpose is to represent the interests of privately and family-owned business in federal income and estate tax, health care, pension and other employee benefit matters. The primary goal of the SBCA is to support legislation that creates important economic incentives for, and to oppose burdensome laws and proposals that negatively affect America's small businesses and their owners.

For more information, please contact:
Alex M. Brucker, Director, at (310) 954-2178 or abrucker@pensionlawyers.com
Paula A. Calimafde, Chair, at (301) 951-9325 or calimafd@paleyrothman.com
Alson R. Martin, President, at (913) 451-5170 or amartin@LathropGage.com
Matthew F. Kadish, Vice President of Legislation, at (216) 696-3030 or mkadish@khwlaw.com