An act to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes.
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HR.5297 Language: http://thomas.loc.gov/cgi-bin/bdquery/z?d111:HR05297:@@@D&summ2=m&
The idea is that community banks do the lion’s share of lending to small businesses, and pumping capital into them will get money in the hands of Main Street businesses.
The bill would also provide a slew of tax breaks to encourage investment that will cost $12 billion over a decade, according to a preliminary estimate from the Joint Committee on Taxation.
The tax breaks increase the amount that a small business can expense for capital expenditures; encourage investors by allowing complete exclusion from capital gains taxes on small business investments; and increase the deduction for startup expenses, among a slew of other incentives.
The legislation also provides $1.5 billion in grants to state lending programs that in turn support loans to small businesses.
A third and popular provision of the legislation increases the loan limits on government-backed loans. It also extends the popular loan sweeteners for Small Business Administration loans through the end of the year. The sweeteners, initiated with the 2009 Recovery Act, have been a stimulus success story and small businesses have been in line waiting for more funding.
The bill offers $12 billion in tax breaks to businesses to encourage investment, entrepreneurship and hiring.
Businesses also would be able to write off more of their costs of buying equipment or making shop improvements. Those who are self-employed could deduct healthcare costs from the self-employment tax. The bill would also continue to waive Small Business Administration loan fees that had been cut as part of the 2009 recovery package.
The $15-billion cost of the bill is offset by closing tax loopholes and increasing tax-reporting requirements and penalties.
Democrats estimate the legislation could create 500,000 jobs.
Amendments earlier in the week sought to lift a much-criticized healthcare tax reporting requirement that both Democrats and Republicans agree needs to be fixed. But the amendments failed as senators could not agree on a way to recoup the $17 billion in revenue that would be lost by doing away with the provision.
Republicans also made two procedural moves on Thursday to attach tax credits for research and development and biodiesel development, but both were rejected.
First reported by:
September 16, 2010|By Lisa Mascaro, Tribune Washington Bureau
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