WALLY HERGER: “I say to the chairman, as this is the last bill that will be considered by the House under his chairmanship, I want to…”

“I say to the chairman, as this is the last bill that will be considered by the House under his chairmanship, I want to thank him for helping to bring this important legislation to the floor and for all he has done to improve the Tax Code and make it fairer for all Americans. Our Nation owes him a great debt of gratitude. Mr. Speaker, earlier this year I was pleased to join with my colleagues from both sides of the aisle to introduce the legislation before us today, the Installment Tax Correction Act. This bill corrects a change in tax law which has had serious, unanticipated consequences for small business owners. Last year, Congress passed and the President signed a change in law to disallow the installment method by accrual basis taxpayers. An unexpected result of this new law has been to erect a serious barrier to small business ownership. Many small business sales across the country have been canceled, while others have simply been put on hold while waiting for Congress to act. Additionally, the value of some businesses has been reduced by as much as 10 or 20 percent. And perhaps most urgently, business owners who have sold their business under the new tax law now face a large unexpected tax burden. The time has come to correct this situation.…”