If The Bridge Act gets past "go," fast-growth businesses could benefit from a tax deferral.
Sweeping tax reform continues to gain momentum on Capitol Hill, but tax-cut fever has yet to lift a modest proposal designed for the fast-growth entrepreneur. The Bridge Act, a tax deferral program specifically designed for businesses with under $10 million in sales, has had tepid support in the House since its introduction in 2001.
Supporters say the bill just needs to build momentum, but some pundits blame partisan politics. The sponsor of the Senate version is John Kerry, a Democrat whose status as a presidential hopeful may be squelching support from a Republican-dominated Congress. The bill's limited focus has also reportedly reduced its appeal to the Bush Administration. But the bill's sponsors hope that the promise of supporting the job-growth potential of emerging businesses will help overcome this ambivalence.
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