Legislation would shorten write-offs, create more accurate amortization
schedule
WASHINGTON, D.C., - The Independent Insurance Agents & Brokers
of America (the Big "I") supports a bill introduced today in the Senate
that would allow purchasers of eligible small businesses to write off as
much as $5 million of acquired intangible assets over the course of a
five-year period.
The bipartisan legislation, S. 3974, introduced by Sen. Jim Bunning (R-Ky.)
and Sen. Kent Conrad (D-N.D.), would allow purchasers to more accurately
amortize intangible assets acquired through the purchase of small
businesses, and provide better liquidity to Main Street businesses.
"I am pleased to champion this legislation which will assist America's
small businesses by ensuring that the taxes they pay better reflect the
economic realities that they face," Sen. Bunning says.
