The Senate on Tuesday voted 66-33 to advance the debate on legislation providing tax relief and loan assistance to small businesses.
The bill considered was a measure that recently passed the House, but it will be replaced by legislation produced by Senate Finance Chairman Max Baucus (D-Mont.) and Senate Small Business Chairwoman Mary Landrieu (D-La.).
Like the House bill, the Senate proposal exempts smaller C corporations from paying capital gains taxes on stock. It also extends loan opportunities from the Small Business Administration. Specifics on the bill have yet to be released.
Senate Democratic leaders originally hoped to complete the bill before adjourning for the July 4th recess. But funeral activities for Sen. Robert Byrd (D-W.Va.) will probably postpone final action on the legislation until lawmakers return from the break.
"With Senator Byrd's passing, I'm not sure that [passage before July 4] is going to happen," Landrieu told The Hill.