Printer Friendly

SMALL BUSINESS OWNERS ENDORSE SENATE MOVE TO REFORM SUB-S CORPORATIONS

 FT. WORTH, Texas, Nov. 23 /PRNewswire/ -- The National Association of Private Enterprise (NAPF), a 40,000-member organization comprised primarily of small business owners with 10 or fewer employees, endorsed the "S Corporation Reform Act of 1993," a bill introduced Friday in the U.S. Senate.
 Also endorsed by the U.S. Chamber of Commerce and other small business organizations, the bill would revise and remove many restrictions under the current Internal Revenue Code. Some of the reforms would include:
 -- Increasing the 35 shareholder limitation to 50;
 -- Permit tax-exempt organizations to be eligible shareholders;
 -- All S corporations to own more than 80 percent of another corporation's stock;
 -- Expand the types of trusts that can own S corporation stock;
 -- Expand Safe Harbor Debt to permit convertible debt; and
 -- Repeal restrictions on qualified plan loans made S corporation shareholders.
 Over 1.6 million businesses (40 percent of all corporations in the United States) operate as S corporations with the majority being small businesses. This legislation would accelerate capital formation and help preserve family-owned small businesses.
 NAPE is a non-partisan benefit organization for entrepreneurs that provides educational funds, discounts on products and services and legislative representation. For further information, or for a copy of the legislation,


please call Andra Bennett at 817-428-4236.
 -0- 11/23/93
 /CONTACT: Andra Bennett of the National Association of Private Enterprise, 817-428-4236/


CO: National Association of Private Enterprise ST: Texas IN: SU: LEG

IH-DC -- DC014 -- 7220 11/23/93 11:16 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 23, 1993
Words:243
Previous Article:MCI AND PIRELLI ANNOUNCE FIRST LARGE SCALE USE OF OPTICAL AMPLIFIERS FOR SONET
Next Article:GM AND TRANSPORTATION SYSTEMS, INC. ENTER INTO JOINT VENTURE
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters