WASHINGTON - The U.S. House of Representatives has passed H.R. 2432, the Paperwork and Regulatory Improvements Act of 2004.

In a letter before the vote, the Small Business Survival Committee (SBSC) wrote to bill co-sponsor, and chairman of the House Government Reform Committee, Rep Tom Davis (R-Va.) and noted its strong support for the legislation.

"The importance of small businesses as the key source of innovation, growth, and job creation in our economy is doubted by few. Nonetheless, government continues to impose burdens that take a severe toll on our nation's entrepreneurs," wrote Karen Kerrigan, SBSC chairman. "In addition to the most obvious burdens - that is, taxes - regulations impose real and substantial costs. And regulatory costs fall hardest on small businesses."

She added, "Unfortunately, various attempts at easing paperwork and regulatory burdens on small businesses have not accomplished what they should have. Therefore, we are pleased to see that H.R. 2432 would enhance abilities to reduce paperwork and rein in regulatory costs."

According to the White House Office of Management and Budget (OMB), Americans spend more than 8 billion hours a year filling out government reports. The bill requires that the OMB submit a report with the 2006 budget on actions the Internal Revenue Service can take to reduce the burden on small businesses.

Publication date: 05/24/2004