BIG “I” SUPPORTS PASSAGE OF TAX LEGISLATION
Reforms will benefit Main Street businesses
WASHINGTON, D.C., May 12, 2006—The Independent Insurance Agents & Brokers of America (the Big “I”) praised the House and the Senate for passing a crucial tax-cut bill supported by independent insurance agents and brokers.
The Senate late yesterday passed the conference report on the bill, the Tax Increase Prevention and Reconciliation Act, on the heels of House passage Wednesday night. The bill will extend the $100,000 limit on small business expensing to $400,000 through 2009; extend capital-gains and dividend tax cuts through 2010; and create an alternative minimum tax (AMT) patch, all Big “I”-supported provisions.
“The tax bill that both houses of Congress have passed is important to our members and business owners and employees throughout America,” says Charles E. Symington Jr., Big “I” senior vice president for government affairs and federal relations. “Raising the alternative minimum tax exemption, allowing greater expense write-offs and decreasing taxes on capital gains will all help our members and their employees by shielding them from unanticipated or onerous federal taxation. We appreciate the action of members in both houses in passing these much-needed reforms.”
“We applaud Congress for its work and for doing the right thing for main street businesses across the country,” says Brendan Reilly, Big “I” assistant vice president for federal government affairs. “We are hopeful that President Bush will sign this important bill into law very soon, and we also look forward to working on making the individual tax cuts permanent, which is important for Subchapter S corporations, which include many main street independent agencies.”
Founded in 1896, IIABA (the Big “I”) is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, and health—as well as employee benefit plans and retirement products. Web address: www.independentagent.com.