Mark Udall: “as a cosponsor of H.R. 3594, I rise in strong support of the bill. I am very glad that it is being considered today…”

“as a cosponsor of H.R. 3594, I rise in strong support of the bill. I am very glad that it is being considered today rather than being left to languish until the new Congress convenes next month. The bill would repeal a change in the tax law that was part of the ``Ticket to Work'' bill enacted last year. It evidently was included as a way to help offset the costs of that bill by increasing tax receipts. However, I do not think that it was necessary or appropriate. The 1999 change prohibited use of the ``installment method'' for calculating taxes on certain asset sales where the seller is paid over time rather than all at once. The effect of this is to make it much harder for small-business owners to sell their businesses or to seriously reduce the amount they can receive if they do sell. I have heard from many people in Colorado who have been and remain concerned about this aspect of the changes made in 1999. H.R. 3594 would repeal that, restoring the ability of sellers to spread their receipts--and taxes--over several years. I think that is a good idea, which is why I joined as a cosponsor. I urge the House to approve the bill.”