FSI Advocacy Win With House Passage of Small Business Tax Relief Bill

Minutes ago, the U.S. House of Representatives passed H.R. 9, a small business tax relief bill that would, if signed into law, free up funds for our member firms to hire new employees and retain existing employees. FSI will work to support Senate passage. FSI filed the following letter to support passage of the bill.

April 17, 2012

The Honorable John Boehner                        The Honorable Nancy Pelosi
Speaker of the House                                   Democrat Leader
US House of Representatives                       US House of Representatives
Washington, DC 20515                                Washington, DC 20515

RE:        Support for H.R. 9, The Small Business Tax Cut Act of 2012

Dear Speaker Boehner and Democrat Leader Pelosi:

The Financial Services Institute¹ supports passage of H.R. 9, which would allow small businesses with fewer than 500 employees to take a tax deduction equal to 20% of their active business income, irrespective of how the small business is organized. This bill would immediately free up funds for small businesses to hire new and retain existing employees and we urge its approval by the United States House of Representatives.

FSI urges Congress to continue to look at legislation that will simplify the tax code by addressing both individual and corporate tax codes, lowering the levels of tax rates paid by both individuals and corporations, and minimizing the incidence of double taxation of business income. Therefore, we support H.R. 9.

FSI stands ready to participate in a constructive dialogue with policymakers on this very important issue.

Thank you very much for your consideration. If you have any questions, feel free to contact Robert Lewis at (202) 803-5149.

Respectfully submitted,

Dale E. Brown, CAE
President & CEO
Financial Services Institute