U.S. Chamber Hails Senate Passage of Stimulus Bill

WASHINGTON, D.C. — United States Chamber of Commerce President and CEO Thomas Donohue today hailed the U.S. Senate passage of an economic stimulus package as instrumental to boosting the U.S. economy. The bill passed the Senate by an overwhelming 85-9 vote.

"We are pleased that the Senate finally passed tax relief measures for large and small businesses," said Donohue. "This package will help make sure that the U.S. economy gains momentum up a growth curve."

The stimulus plan, the Job Creation and Worker Assistance Act of 2002, provides for a reduction of taxes on businesses, such as the acceleration of depreciation and increased expensing. The bill also extends vital programs that include Welfare-to-Work, the Work Opportunity Tax Credit, and the Archer Medical Savings Accounts for two years and extends exceptions for active financing income under subpart F for five years.

The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.

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