[Congressional Record Volume 142, Number 75 (Friday, May 24, 1996)]
[Senate]
[Page S5650]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         ADDITIONAL STATEMENTS

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                HOUSE SMALL BUSINESS TAX INCENTIVES BILL

 Mr. ROTH. Mr. President, I rise to address the Senate on a 
bill that overwhelmingly passed the House of Representatives this week. 
The vote was 414 to 10. The bill I refer to is the Small Business Job 
Protection Act of 1996.
  The bill is a collection of tax incentives for small businesses. As 
every Member of this body knows, small businesses create the lion's 
share of jobs in America. The bill will lift some of the heavy tax 
burden borne by small businesses. To the extent we lift the tax burden 
on small businesses, these businesses will be able to continue to 
create jobs for Americans. Included in the bill are some proposals that 
were contained in the Balanced Budget Act of 1995.
  First, an increase in the amount of equipment a small business can 
expense; the current annual amount of $17,500 would be gradually 
increased to $25,000.
  Second, a package of proposals to simplify the pension tax rules. 
These proposals will bring more small businesses and their workers into 
the pension system; in addition, these proposals will enhance pension 
security for millions of American workers and their families.
  Third, a series of proposals to reform the subchapter S corporation 
tax rules. Almost 2 million small businesses do business as subchapter 
S corporations.
  This package of small business tax incentives is fully paid for.
  Mr. President, I congratulate Chairman Bill Archer for successfully 
shepherding this package of much-needed tax relief through the House of 
Representatives.
  In recent days, many of my colleagues have asked me about Senate 
action on this bill. When the bill arrives from the House, I expect the 
bill to be referred to the Finance Committee. Once referred to the 
Finance Committee, I anticipate taking action on the bill shortly after 
the Senate returns from the Memorial Day recess.
  Mr. President, the Finance Committee, including longstanding members 
on both sides of the aisle, has a tradition of sensitivity to the needs 
of small business. I intend to continue that tradition with a Finance 
Committee imprint on the small business tax bill.
  In addition, Mr. President, I am also considering adding measures to 
help create economic growth, promote savings and investment, and 
enhance economic opportunities for all Americans.

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