Playing BRIDGE Grow your business with help from your own tax dollars.
Opinions expressed by BIZ Experiences contributors are their own.
Sen. John Kerry's BRIDGE Act isn't about building thenext Golden Gate, but it may help BIZ Experiencess seize goldenopportunities.
The BRIDGE (Business Retained Income During Growth andExpansion) Act would allow businesses to access capital bytemporarily deferring a portion of their taxes. The deferral wouldbe limited to $250,000, repayable with interest over four years.Because of interest, the bill actually generates a net gain of $1.1billion over 10 years.
The bill (S.1903) was the subject of a hearing held on June 4 inthe Senate Finance Committee. Both Kerry and Sen. Olympia Snowe(R-ME), the other co-sponsor of the bill, are members of thatcommittee, enhancing the chance of passage.
The committee also discussed a second Kerry bill, the AffordableSmall Business Stimulus Act (S.1676). Key provisions includeincreasing the expensing limitation to $35,000 and enhancing thecapital gains exclusion for investments in companies withcapitalizations up to $100 million.
- The House passed the Small Business Advocacy Improvement Actof 2002 (H.R. 4231). It makes improvements in the SBA'sOffice of Advocacy.
- The Senate passed a slightly altered version of theHouse's Small Business Paperwork Relief Act of 2002 (H.R.327). The bill would set up a task force to find ways to make iteasier to find regulatory assistance information, comply withrequirements and consolidate those requirements across agencylines. The task force would also look into the feasibility oftransferring forms electronically.
Stephen Barlas is a freelance business reporter who coversthe Washington beat for 15 magazines.
