House small biz bill heads to Rules

The House Rules Committee is slated to take up legislation that provides tax relief and loan opportunities to small businesses on Monday. 

Assuming the legislation advances out of the committee, the full chamber could take it up as early as Tuesday. 

The House already passed a small business tax bill in March that did not include loan opportunities to businesses, which the second package will provide. 

On taxes, the bill is expected to zero-out capital gains for small business C corporations and provide IRS penalty relief for smaller companies that invested in listed transactions.  

The new legislation is expected to cost approximately $8 billion and will be fully offset by limiting the use of GRATS (Grantor Retained Annuity Trusts) and making the highly corrosive fuel called "crude tall oil" ineligible for a cellulosic biofuel producer credit.

Similar legislation is being created in the Senate, but House Ways and Means Chairman Sandy Levin (D-Mich.) expects it will deviate some from what eventually passes his chamber.