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Senate Back on Small Business Bill

The Senate restarted debate on the small business bill last night. Majority Leader Reid called the bill back up and filed cloture on a new version. Among other changes, the bill now includes an agricultural disaster relief funding provision, and the small business lending provision which received 60 votes last week.

The good news for the business community is that the core of business-friendly tax provisions remains intact, including the bonus depreciation and the shorter, five-year holding period for built-in gains.

The holdup in recent weeks has been a demand by Minority Leader McConnell that Senator Reid allow several Republican amendments to …

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2019-02-04T15:47:04+00:00July 28, 2010|

Small Business Bill — Slogging Through the Senate

Last night, the Senate voted 60-39 to close debate on a Landrieu amendment to restore the $30 billion lending facility to the small business bill. This amendment was made necessary because earlier in the week, the leadership had dropped the lending facility due to staunch opposition from key swing votes.

The Senate is now on an unrelated bill, but we expect it to resume debate on the small business bill sometime next week, which will likely push House consideration of the bill into September. What’s the prognosis? Here’s the S-CORP Crystal Ball:

2019-02-06T17:20:58+00:00July 23, 2010|

Finance Reviews Economic Impact of Tax Hikes

It’s July 14th, 2010. There are approximately 30 legislative days before the fall elections and less than six months before huge portions of the tax code expire, so it’s only appropriate that today, the Senate Finance Committee held the first substantive hearing on the implications of allowing the Bush tax cuts to expire. Some key points:

  • Chairman Max Baucus (D-MT) clearly takes a dim view of flow-through taxation for certain firms and appears dismissive of arguments that higher rates will hurt the business community and employment. Washington Wire readers are encouraged to watch the hearing and see for themselves, but it’s …

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2019-02-06T17:20:59+00:00July 14, 2010|

Congress Returns to Small Business Bill

Congress is back this week, and the pending business before the Senate is the small business tax bill that passed the House last month. Here’s BNA‘s review of the plan:

The Senate is expected to resume consideration July 13 of a small business lending bill with the hope of completing floor debate in only a few days, although a Democratic leadership aide warned that it might depend on Republican cooperation. Currently awaiting consideration is a substitute amendment (S. Amdt. 4402) that carries roughly $12 billion in tax cuts aimed at small businesses, including a highly sought after provision to extend …

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2019-02-06T17:20:59+00:00July 13, 2010|
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