Small Business Reading Room

Friday, June 03, 2005

Changes Coming to 75 Year Restriction on Business Banking

The Small Business & Entrepreneurship Council reports that a bill in the House of Representives has passed that will allow banks to offer interest on commercial checking accounts.

Sponsored by Rep. Sue Kelly (R-NY), the legislation would provide small business owners the opportunity to earn interest on their business checking accounts.

For more on H.R 1224 see the Thomas Bill Report.

Maybe we should make every law (except the Constitution) subject to sunshine provisions. That would automatically get rid of some of these ancient laws. It might also limit the time available to the Senate for making new laws :)

Thursday, June 02, 2005

IRS Changes the Rules for Private Use of Corporate Airplanes

The US Treasury has issued guidelines that clarify the restrictions passed as part of the American Jobs Creation Act of 2004.

The new rules restrict the amount of tax deduction the company can take for employees personal use of corporate aircraft to the amount the employees claim as income from such use.

This change is expected to raise $2.3 Billion over ten years. This change was reported in the Wall Street Journal on May 31st and the guidance is available on the IRS website.


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