E. Clay Shaw, Jr.: “This bill would remove this obsolete prohibition and also provide that S corporations can attract needed financing…”

I urge my fellow members to review and support the S Corporation Revision Act, which will help families pass their businesses from one generation to the next and create a level playing field for small business.

The bill helps preserve family-owned businesses by counting all family members as one shareholder for purposes of S corporation eligibility.

The S Corporation Revision Act of 1999 is targeted to these small businesses by improving their access to capital, preserving family-owned business, and lifting obsolete and burdensome restrictions that unnecessarily impede their growth.

Let me share this with the gentlewoman then: We sent our welfare bill, which has the training that you want, has the job search that you want, supplies a job at the end of the time, which you want even though we may disagree on how much…