House Clears Small-Business Bill

[Richardo]

Source: Wall Street Journal

House lawmakers voted Thursday largely along party lines to approve legislation that includes a range of measures aimed at helping small businesses get improved access to capital and $12 billion in tax credits for smaller firm owners.

The House voted 237-187 with just one Republican joining nearly every Democrat in supporting the measure.

<snip>

The Obama administration has been a strong backer of the legislation. The president is expected to sign the bill into law early next week.

The centerpiece of the bill is the creation of a $30 billion lending facility that would direct taxpayer money to regional banks on the condition they lend it out to small businesses. Unlike the emergency financial rescue package implemented at the height of the crisis in 2008, banks would have to volunteer to participate in this program.



Read more: http://online.wsj.com/article/SB10001424052748703384204575510163698849570.html

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Also:

- The bill has been estimated to raise net revenue of around $2 billion over the next decade.

- The bill also includes about $12 billion in tax breaks, including an immediate write-off of 50% of new equipment purchases in 2010 for small and large businesses. It would double, to $500,000, the amount of new investment that small businesses are allowed to expense in 2010 and 2011.

- The legislation directs funds to state governments so they can participate in their own lending programs. Rep. Gary Peters (D., Mich.) successfully pushed for this measure to be included, citing the success of a program in Michigan through which the state provides collateral to loans made to small businesses.

- The bill would allow self-employed people to deduct health insurance costs for themselves and their families. It also removes employer-provided cell phones from a list of items that can be taxed as fringe benefits.

:patriot: :party:

On edit: The company I work for is contemplating huge capital investments so that 50% depreciation should really appreciate those purchases. The manufacturers for this equipment are all American companies too. :patriot:

[valerief]

1. Small businesses like Bechtel? Or real small businesses? nt

[Richardo]

2. Well, the accelerated depreciation applies to small AND large businesses.

And yes, I know where you were going with that. :)

[bluestateguy]

3. It's a good bill and I'm glad it passed

Once again Republican obstructionism made a common sense reform a nightmare to pass.

[nyy1998]

4. Agreed, took the words out of my mouth, er keyboard,