As the incoming Obama administration and the new Congress continue their work to craft an economic stimulus package, it appears the U.S. Chamber's recommendations are being heard.

Chamber officials say they are encouraged by the published reports of what President-elect Obama wants to include in the stimulus package. "As we have stated from the beginning, the U.S. Chamber will support any measure that will speed economic recovery and put people back to work. The tax relief measures reportedly under consideration by the incoming administration and senior lawmakers as part of a stimulus package fit that criteria," says Bruce Josten, Chamber executive vice president for Government Affairs.

While the details are still being discussed, Obama has voiced support for such Chamber-backed policies as investment in "shovel-ready" infrastructure projects, raising the small business investment expensing limit, adopting a temporary investment tax credit, extending the tax loss carryback period, and temporarily reducing borrower and lending fees for the Small Business Administration 7(a) and 504 lending programs. 

Additional proposals supported by the Chamber include:

• Providing temporary tax relief over one or two years for companies that buy their own debt at a discount
• Repealing the 3% withholding tax on all government payments scheduled to go into effect in 2011
• Issuing taxpayer rebate checks
• Offering assistance to hard-hit sectors such as the real estate and travel industries
  Implementing a plan to keep responsible mortgage-holders in their homes and to encourage new homebuyers to enter the market
• Temporarily allowing foreign subsidiary earnings of U.S. companies to be repatriated at a reduced tax rate