Congress passes Small Business Jobs Act

WASHINGTON, Sept. 23 (UPI) -- The U.S. Congress Thursday enacted the Small Business Jobs and Credit Act of 2010, which supporters say extends billions of dollars in credits and tax breaks.

The House approved the Senate version of the bill by a vote of 237-187.

The bill includes a $30 billion credit facility backed by the Treasury Department that will increase community bank loans to businesses, Politico reported.

It extends a temporary 100-percent exclusion from capital gains taxes for new stock acquisitions that are held for more than five years.

"The small business jobs bill passed today will help provide loans and cut taxes for millions of small business owners without adding a dime to our nation's deficit," President Barack Obama said in a statement. "After months of partisan obstruction and needless delay, I'm grateful that Democrats and a few Republicans came together to support this common-sense plan to put Americans back to work."

"Congress took a powerful step today to continue strengthening our nation's economic recovery," Treasury Secretary Timothy Geithner said in a statement. "This common-sense legislation to accelerate tax relief and unlock credit for small businesses will help create new jobs in local communities across our nation."