With so many different small-business bills being discussed in Congress, it can be difficult to keep track of where each one stands. Below is a quick summary of the various bills along with links to more detailed updates.
This legislation is based on the administration’s proposal to establish a $30 billion fund aimed at increasing community banks’ small-business lending. The House passed this legislation June 17. The Senate is expected to consider this proposal as part of a larger bill commonly known as the small-business jobs bill, or “Jobs 3” bill.
Small Business Job Creation and Access to Capital Act
This legislation was introduced several months back by Sens. Mary Landrieu (D-La.) and Olympia Snowe (R-Maine) to extend through 2010 the small-business provisions of the American Recovery and Reinvestment Act (ARRA)—namely the 90 percent guarantee on 7(a) loans and the elimination of borrower fees on 7(a) and 504 loans. The bill also would increase loan limits on 7(a), 504, and micro loans
Though currently mired down in ongoing debates and a parade of amendments and substitutes, the extenders package would extend bonus depreciation; exclude 100 percent of capital gains on the stock of qualified companies; extend of the popular research and development tax credit; extend the biodiesel credit; and allow taxpayers in states without an income tax to deduct state and local sales and property taxes from their federal income taxes. Unfortunately, no estate tax fix has been included at this point.
This legislation is being crafted in the Senate and is expected to include the Small Business Lending Fund and the Small Business Job Creation and Access to Capital Act. Additionally, the Jobs 3 legislation is expected to include an additional $12 billion in various tax cuts likely directed toward small business.
