Senate passes small business bill

Sept. 16, 2010 at 1:53 PM
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WASHINGTON, Sept. 16 (UPI) -- The U.S. Senate passed small-business legislation that would give small businesses $12 billion in tax cuts after voting to end a Republican-led filibuster.

Both votes were 61-38.

The bill would provide $1.5 billion to support state level, small-business lending programs and would increase the capital investment write-off for businesses to $500,000, and allow small businesses to deduct 50 percent of the cost of equipment on their taxes, The Hill reported.

Partisan fighting bogged down the bill, which senators started debating June 29. In recent days, President Obama chastised Senate Republicans for blocking passage of the bill, then praised two GOP senators for breaking with their leadership.

Before passing the legislation, two Republican-sponsored amendments were defeated. One, offered by Sen. Chuck Grassley of Iowa, would have extended a tax credit for biodiesel; the other amendment sponsored by Sen. Orrin Hatch of Utah, would have permanently extended the tax credit for research and development.

The legislation returns to the House, where it is expected to get quick approval, The Hill said, then sent to Obama to sign into law.

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