New bill to help small businesses
* House Ways and Means Committee Chairman Bill Thomas, R-Calif., Friday introduced legislation that would make it easier for small businesses to become S corporations, which receive favorable tax treatment.
Under the legislation, which the committee Thursday is scheduled to act on, U.S. tax law would be changed to end tariffs that are being levied against U.S. products in Europe as a result of a trade dispute.
S corporations allow small businesses to pay one layer of taxes instead of being taxed on both business i