The American Bus Association’s President & CEO Peter Pantuso, in a letter to the House Committee on Ways and Means Chairman Kevin Brady, urged Congress and the Conference Committee to consider small, close-held family businesses while looking to reform our current tax system.
Pantuso said, “We appreciate Congress and the Administration’s interest in reforming the federal tax code to support individuals and small business interests, as evidenced in both the House and Senate versions of the tax bill. As capital-intensive small businesses, we are focused on pro-growth tax policies. In general, we support lower corporate tax rates. However, as an industry comprised of primarily small, close-held family businesses, we want to ensure the concerns of these important business interests are fully taken into account. Thus, we support the lowering of taxes on pass-through businesses without unnecessary complexity, whether by a separate rate or a deduction for pass-through income. We believe it is important that any adjustments made to the treatment of pass-through income be commensurate with corporate rate reduction, to maintain the current playing field among different types of entities. As well, we believe these provisions should be made permanent.
“We also support provisions in both bills reducing the individual tax rates, increasing the standard deduction, reducing the impact or eliminating the alternative minimum tax, and reducing or repealing the estate tax. Additionally, in a final bill, we hope you retain the immediate expensing of investments, although temporary, and a substantial increase in the limits for small business expensing. We look forward to working with you in the future to address the effects of the modification to the like-kind exchange provisions after the sunset of full expensing. We support the effort to limit the impact on small businesses of proposed limits on business interest deductibility, as we rely upon these provisions to grow our business. Finally, on behalf of our customers, we propose that the exclusion for employer-provided commuting expenses be maintained.”