The Chamber on July 24 laid out before the House Small Business Committee a comprehensive list of tax code improvements that would encourage small business growth. Click here to read the complete testimony.

Several of the Chamber's recommendations were included in legislation introduced by committee chairwoman Nydia Velazquez later that same day. The Small Business Tax Modernization Act of 2008 would create a standard home office deduction, remove cell phones from listed property, allow nonresident aliens to be S corporation shareholders, increase the deduction for business meals and entertainment for qualified small businesses, and reduce the recovery period for depreciation of heating, ventilation, air conditioning, and refrigeration (HVACR) equipment.