WASHINGTON — Representative Beverly B. Byron, D-6th, will be co-sponsoring a bipartisan bill to lower the capital gains tax rate for individuals and corporations investing in small U.S. companies.
Called the Enterprise Capital Formation Act, the bill lowers by 50 percent the capital gains tax rate for seed and venture capital investments made for the purchase and retention of stock in companies with less that $100 million of paid-in capital.
The stock must be held for five years and be purchased directly from the corporation issuing the stock. The bill does not cover the trading of stock in secondary markets.
"Smaller companies that produce the most new jobs are often shut out of established capital markets," Byron said. "They are also the ones most in need of tax incentives. This legislation provides incentives, and it is also appropriatelyrestrictive by targeting its benefits to actual economic growth rather than speculation."
The bill protects against investment windfalls by applying only to investments made after the date of the legislation's enactment.
Additional incentives for business start-ups arealso included in the bill. Investors providing seed money -- the first $5 million of paid-in capital of a company -- qualify for additional deductions if they hold the stock for more than six years.
Byron said the legislation is estimated to cost less than $1 billion overfive years.
"This is the kind of bill that costs very little, yetcan pay out dividends many times over not just to investors but to individuals who may find new jobs and start new careers," she said. "This is the kind of legislation we need to be able to afford."
WESTMINSTER -- The county commissioners recently donated the third floor of the Barrell House on Distillery Drive to be used as a family shelter managed by the Human Services Program.
Donations of household items (kitchen and bathroom articles), school supplies, paper and cleaning products, toiletries, bed linens and more areneeded.
Items may be dropped off at the Human Services Programs, 10 Distillery Drive, or monetary donations mailed to P.O. Box 489, Westminster, 21158.
The Office of Tourism is helping with this project by placing a basket at the Tourist Information Center for those wishing to donate items. The basket will be presented to Jolene Sullivan, director of the Department of Citizen Services, at 3 p.m. Nov. 25 at the shelter.
Information: 857-2999 or 876-5407.
RESERVOIR LAND BOUGHT
The county commissioners completed the $750,000 purchase of65 acres near Mount Airy that will be used in conjunction with the proposed Gillis Falls Reservoir project, which has been stalled in thepermit approval process.
The land, on the north side of Gillis Falls Road, was purchased from John S. and Florence E. Harrison.
Thecounty has acquired about 95 percent of the land needed for the 430-acre reservoir, which would provide water for South Carroll residentsfor the long-term future.
However, wetlands and a trout stream onthe site are obstacles to federal and state approval.
Still, the commissioners plan to buy all the land needed for the project.
4 COUNTIES TO MEET
The county commissioners are planning to participate in a spring conference with Frederick, Howard and Montgomery county officials to discuss issues and problems the four jurisdictions have in common.
It would be the first such meeting among elected leadersfrom the four counties. Mount Airy has been discussed as a possible site for the meeting, tentatively scheduled for late March or early April.
The official kickoff for the Carroll Circle of Caring -- a loose coalition of county non-profit human services organizations -- will take place at 3:30 p.m. Thursday in Room 300A of the County Office Building in Westminster.
County officialsdeveloped the idea in an effort to expand public support for the service agencies to compensate for state budget cuts and the county's tight fiscal situation.
The civic and ecumenical agencies included in the Circle of Caring are Human Services Programs of Carroll County Inc., Northeast Social Action Program, Taneytown Sharing and Caring, Carroll Food Sunday, ESCAPE Inc. and Shepard's Staff.
The groups are attempting to coordinate their efforts to help the growing number of county residents who need assistance for food, clothing, transportation, fuel, shelter and other services.
Organizers of the Circle of Caring encourage contributions to any of the agencies.
SYKESVILLE -- The Town Council approved Mayor Lloyd R. Helt Jr.'s recommendations for a five-member Historic Preservation Commission at Monday night's meeting.
Re-appointed were Thelma C. Wimmer, Dorothy C. Schafer and Chairman Rebecca Herman, who have been serving on the commission for the past several years.
New appointments were Carole A. Norbeck, candidate for the Town Council last spring, and Councilman Wiley Purkey, who will serve as council liaison.