Washington (July 25, 2002) -- Senator Kit Bond said the Treasury Department has hit a home-run for small businesses by agreeing to issue guidance exempting light trucks and vans used in business from current depreciation limits, but urged regulators drafting the new rules to make them broad-based, simple and straightforward.

"American taxpayers, and small enterprises in particular, already are struggling with an abominably complex tax code," said Bond, ranking member of the Senate Committee on Small Business and Entrepreneurship. "This eagerly-awaited guidance is a great opportunity to turn the tide toward simplicity."

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