SEMA-endorsed bill would reduce small-business regulatory burden
May 27, 2004 4:49 PM
The Paperwork and Regulatory Improvements Act (H.R. 2432), endorsed by the Specialty Equipment Market Association, has been passed by the U.S. House of Representatives.
It would require all federal agencies to conduct an annual cost-benefit estimate of all of their required paperwork and also would mandate the Internal Revenue Service to identify ways of reducing paperwork burdens placed on small businesses.
According to research done by the Small Business Administration's Office of Advocacy, small businesses pay a disproportionately large share of the total federal regulatory burden. The annual regulatory compliance burden in 2000 was estimated to be $6,975 per employee for firms with fewer than 20 employees -- nearly 60% more than the estimated $4,463 for large firms with more than 500 employees.
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