–Senate Votes 61 to 37 To End Floor Debate
–Senate Rejects Two Tax Compliance Amendments
–House Expected To Pass Senate Version of Bill Later This Fall
By John Shaw
WASHINGTON (MNI) – The Senate voted Tuesday to end debate on a
small business lending bill that has been stalled since the summer.
The Senate voted 61 to 37 to end debate on the bill. A vote on
final passage of the bill is expected later this week. House Democratic
leaders have indicated they will pass the Senate version of the bill
soon.
President Obama has been pressing the Senate for weeks to pass the
bill and has blamed Senate Republicans for blocking a bill that would
help generate jobs in the small business sector.
The bill creates a $30 billion lending fund for small businesses
and also includes about $12 billion in tax cuts.
The Senate rejected two tax compliance amendments that relate to a
provision in the health care law that would require small businesses to
file a 1099 tax report for every vendor transaction valued at $600 or
more.
Republican senator Mike Johans offered an amendment that would have
repealed this provision which is scheduled to take effect in 2012. This
amendment was defeated 46 to 52. Sixty votes were required for passage.
Democratic senator Bill Nelson offered an amendment to modify the
requirement by exempting businesses with fewer than 25 employees and
increasing the $600 reporting threshold to $5,000. It would have
exempted payments made by credit card and give Treasury more leeway in
implementing the requirement. It also required 60 votes but only secured
56.
Senate Majority Leader Harry Reid said Tuesday the small business
bill is “important legislation” that should be passed “very
expeditiously.”
He said it would help create between 500,000 and 750,000.
** Market News International Washington Bureau: (202) 371-2121 **
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