WIPP Board Member Nikki Stewart Participates in Senate Sm. Biz Roundtable on Critical Tax Issues
Friday, December 4, 2009
WOMEN IMPACTING PUBLIC POLICY (WIPP) BOARD MEMBER NIKKI STEWART PARTICIPATES IN SENATE SMALL BUSINESS ROUNDTABLE ON CRITICAL TAX ISSUES
For Immediate Release
Media contact: Regina Sullivan
Washington, D.C. - December 3, 2009 - Nicolina "Nikki" Stewart, CPA, President and CEO of Capital Management Advisors, Inc., appeared today at the invitation of the Senate Small Business Committee at a Committee roundtable entitled "What is working: Tax Incentives to Aid Small Business Recovery." Ms. Stewart appeared before the Committee on behalf of Women Impacting Public Policy (WIPP), a national bi-partisan public policy organization of over 500,000 members who advocate for and on behalf of women and minority small business owners and serve as the umbrella organization for 49 national women in business groups.
Ms. Stewart focused her comments on changes to current tax policy that would support women small business owners as they work to maintain and grow their companies during these challenging economic times. In particular, Ms. Stewart addressed the need to permanently repeal the Estate Tax or establish a permanent exemption in order to allow more consistent financial planning for small business owners. Oftentimes, family members of small business owners are forced to sell the businesses or declare bankruptcy to meet the liquidity provisions mandated by Estate Tax.
In an effort to assist small business owners, Congress in the Recovery Act allowed taxpayers to deduct the cost of qualified property on their income taxes up to $250,000. This provision known as Section 179 expensing, is due to expire in 2009. Ms. Stewart applauded legislation introduced by Small Business Chair Mary Landrieu (D-LA) and Ranking Member Olympia Snowe (R-ME) to permanently extend the deduction.
Among the other issues discussed at the Committee roundtable were the need to increase the exemption amount permitted when calculating the alternative minimum tax, which disproportionately affects small business owners, as well as making permanent other tax credits and deductions to help create more parity among business entities.
Ms. Stewart thanked the Committee for taking the time to address these critical tax issues and urged them to continue to set policies which would not only limit small business owners’ tax exposure but permit them to predictably plan for the taxes they owe.
Click here to view Nikki's invite to participate in the roundtable from the Senate Committee on Small Business and Entrepreneurship.
Women Impacting Public Policy is a non-profit, national bipartisan group with over half-a-million members. WIPP is The Collective Voice in Washington, DC, for 49 national women and small business organizations. WIPP advocates for and on behalf of women and minorities in business in the legislative processes of our nation, creating economic opportunities for members and building alliances with other small business organizations. WIPP recently issued its Economic Blueprint which serves as a call to action to the Congress and Administration on the six core areas essential to women-owned business growth: health care, procurement, taxes, access to capital, energy and telecommunications. Visit www.wipp.org.