Bipartisan BRIDGE Act Will Enable Thousands of Entrepreneurial Businesses to Create Over 600,000 New Jobs in First Three Years

Swamp Fox

Media contact: Eve Gumpel or Paul Lieber
Hilary Kaye Associates, Inc. (714) 426-0444
[email protected] or [email protected]

Local contact: Bob DeGarmo
Tatum CFO Partners, LLP Phone: 864 233 8150
www.tatumcfo.com
TAX-DEFERRAL BILL (HR 3062) INTRODUCED IN HOUSE, EYED FOR CONGRESSIONAL
ECONOMIC STIMULUS PACKAGE
Bipartisan BRIDGE Act Will Enable Thousands of Entrepreneurial Businesses to
Create Over 600,000 New Jobs in First Three Years

WASHINGTON, D.C., Oct 10, 2001 – A bipartisan tax-deferral bill to aid emerging
growth businesses was introduced in the House of Representatives late Tuesday,
Oct. 9, by Reps. Jim DeMint, R-S.C., and Brian Baird, D-Wash., with an eye to
inclusion in the congressional economic stimulus package.
HR 3062, also known as the BRIDGE (Business Retained Income During Growth and
Expansion) Act of 2001, was spearheaded by Tatum CFO Partners, LLP, the largest
CFO firm in the United States. The Atlanta-based company has offices in 23
cities, including Greenville. The BRIDGE Act would allow qualified companies to
defer up to $250,000 in federal taxes for two years and reinvest those funds in
their businesses. Efforts on behalf of the bill have been under way since early
this year. It is backed by 10 original co-sponsors and a coalition of business
trade organizations.
''The BRIDGE Act is needed now more than ever,'' Rep. DeMint said. ''At a time
when unemployment claims have skyrocketed to a nine-year high of 453,500 as
layoffs after the terror attacks take their toll on the nation, the BRIDGE Act
is projected to help create up to 641,000 net new jobs in the first three
years.''
Added Douglass Tatum, CEO of Tatum CFO Partners, ''We initiated this proposal
because our experience as CFOs for many hundreds of businesses convinced us
that emerging growth companies need this relief. There is a critical 'capital
funding gap' for growing companies trying to attract between $250,000 and $1
million in financing,'' he explained. ''In the wake of recent events affecting
the current economic climate, it is even
more important now to ensure that these businesses succeed and grow.''

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