Senate approves $30 billion small business tax package

Folks, this is HR 5297 which contains the "Offensive Language" which will automatically DENY any RSO convicted of a crime against a minor (person < 18), any possibility of a small busioness loan for the rest of their lives. ACLU Where Are You? AT this point the bill goes back to the House, and everyone needs to pound away at their Representatives to get that Offensive Languae REMOVED. Never stop trying, keep pounding on those folks in Washington.

9-16-2010 Washington DC:

Democrats were able to deliver President Barack Obama a significant legislative victory Thursday when the Senate voted to approve a long-stalled $30 billion small business tax package, in what is probably the last real economic stimulus measure before the midterm elections.

With the help of Republicans George Voinovich of Ohio and George LeMieux of Florida, Majority Leader Harry Reid (D-Nev.) was able to push through the legislation, 61-38. The measure includes a new Treasury-backed loan facility for small-business owners and major tax breaks for businesses over the next two years.


Obama had hammered Republicans through the summer break for blocking the bill, and when Voinovich and LeMieux indicated last week that they would vote for it, that was enough to clear the 60-vote barrier needed for passage.

"I couldn't find a reason to be against it, I could only find reasons to be for it," LeMieux told POLITICO after the vote. "I tried to make the case for it [to other Republicans]. All I can do is make the best case for it that I can. But when I look through the principles that are important to me: 1. Does it increase the deficit which is cascading out-of-control; 2. It doesn't raise taxes; 3. It, in fact, cuts taxes for small business and provides these loans, which will be paid back. The federal government will actually make money on it.”

Before the final vote on the underlying bill, the Senate defeated an amendment proposed by Sen. Orrin Hatch (R-Utah) that would have added a research-and-development tax credit to the legislation. Though the R&D credit enjoys bipartisan support, Democrats rejected the measure as a tactic to delay passage of the overall legislation. The Hatch provision would have required the Finance Committee to go back and re-write the legislation to include the R&D extension.

Republicans had also tried to use the small business bill to strip out a controversial business accounting provision in last year’s health care bill, but that amendment failed too.

The bill now goes to the House, which has already approved a similar measure and is expected to pass the jobs package without alteration.

Though some House Democrats expressed concerns over some of the differences between the two versions of the bill, Speaker Nancy Pelosi (D-Calif.) would be hard-pressed to make changes and force the Senate to vote again on a bill it took months to pass. Heading into a heated election season, White House and Democratic leaders want to get the bill to the president's desk swiftly.

"We may have to convince some of our House members to work out the differences in subsequent legislation. It's important to get this money out as quickly as possible," Pelosi told the San Francisco Chronicle Tuesday, when she huddled with her caucus upon returning from August recess. ..SOurce.. by MEREDITH SHINER