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St. Louis Business & Technology News
www.slfp.com/SLFPBIZp.htm "When you think Saint Louis, think Saint Louis Front Page," a weekly publication covering the news and events in the greater St. Louis area. 
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Small Business Survival Committee Says Passage of Economic Growth Package Means Immediate Help for Nation's Entrepreneurs WASHINGTON, (Newstream) May 25, 2003 - The Small Business Survival Committee (SBSC) hailed congressional passage of a $350 billion economic growth package stating it will bring immediate help to many small businesses and entrepreneurs who are struggling though the currently sluggish economic times. The House and Senate have now both passed a $350 billion economic page which the President plans to sign. When the package becomes law, income tax rates will drop from the current 27 percent, 30 percent, 35 percent and 38.6 percent to 25 percent, 28 percent, 33 percent and 35 percent, retroactive to the beginning of this year. The legislation lowers taxes on capital gains and stock dividends to 15 percent, 5 percent for low-income taxpayers through 2008. And, it increases small business equipment expensing from $25,000 to $100,000. In a statement, SBSC President Darrell McKigney said, "The key thing is this package is very good for small businesses, which create some three-quarters of all new jobs. Simply put, the bottom line is this plan immediately helps the bottom line." "It leaves more money in the pockets of small businesses owners, their employees and their customers by cutting income tax rates," continued McKigney. "It reduces costs for small businesses by increasing expensing, and it encourages investment by cutting capital gains and dividend tax rates. It helps the small business balance sheet on all sides. This is much needed and will make a real difference for countless small businesses which walk a fine line between success and failure." "It's also significant that this is the second tax cut in three years. We're on the right track in terms of putting resources back into the entrepreneurial sector. Now we must push forward to make these gains permanent and build on them," McKigney added. SBSC chief economist Raymond J. Keating stated "In order to provide full benefits for the economy, tax cuts need to boost incentives for working, saving, investing and entrepreneurship, which are the ultimate generators of economic growth. This tax cut does that, which is good news for revving up this economy and job creation." Two of the Three Major Summer Holidays Will Bring Modest Rebound in Summer Hotel Occupancy NEW YORK, (PRNewswire) May 25, 2003 - According to PricewaterhouseCoopers analysis, Memorial Day and Labor Day weekend occupancies will exceed 2002 occupancies. Memorial Day and July 4th weekend occupancies in 2003 will surpass 2001 levels. In a statement, Bjorn Hanson, Ph.D., global industry leader, PricewaterhouseCoopers Hospitality & Leisure Practice, said, "Two of the three major weekend holidays will exceed prior year occupancies, and occupancy for the summer will be higher, providing good news for a change." Memorial Day weekend occupancy is forecast to achieve 73 percent, a sequential improvement over the 72 percent occupancy in 2002 and 71 percent occupancy in 2001. Labor Day weekend occupancies are forecast to increase by 1.5 percent over 2002 levels to 69 percent but be below 2001 occupancy of 69.7 percent. July Fourth weekend occupancy is forecast to be 72 percent, exceeding the 2001 occupancy of 70.8 percent but be below last year's occupancy of 73.4 percent when the holiday occurrence on a Thursday resulted in a longer weekend and more travel. The summer season is forecast to achieve a 0.6 percent increase in hotel occupancy to 68.1 percent. This occupancy level is only moderately below the 2001 summer occupancy of 68.7 percent, when travel did not face today's challenges presented by terrorism, military action, travel inconveniences and the economy. Consumers will be traveling more by car as their shares of spending of personal disposable income (PDI) for air travel has fallen more than their spending on travel, although that has declined as well. Return to St. Louis Front Page 
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