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Community Bankers call for Treasury bailout rules to fit S corporations
November 19, 2008
The Treasury TARP program for equity investments in banks should be tweaked to fit the needs of S corprorations, according testimony before the House Financial Services Committee yesterday.
Independent Community Bankers Chairman Cythia Blankenship called on the Treasury to allow S corporations to issue the Treasury junior subordinated debt with terms similar to the preferred stock normally issued under TARP. The tax law does not permit S corporations to issue preferred stock.
She also said the Treasury S corporation TARP guidelines need to allow S corporations to pay dividends to enable S corporation shareholders to pay taxes on their S corporation income.
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Related: Treasury issues term sheet for purchases of bank stock; S corporations left out for now
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