By Jay Heflin - 06/09/10 05:54 PM EDT
The bill will also include small business tax relief that passed the House in March but did not become a part of the so-called tax extenders bill.
Expanding Build America Bonds and other infrastructure-related provisions that first appeared in the original House-passed small business bill eventually became a part of the extender package that passed the House last month.
Other provisions, like zeroing out capital gains for small business C corporations and providing IRS penalty relief for smaller companies that invested in listed transactions, were also in the first small business bill, but they were not included in the extender bill. These provisions will now become part of the next small business bill, Levin said.
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.
Levin said the tax portion of the new bill would likely be passed separately before it is combined with the loan portion of the legislation.
"Our present plan is we'll take the [tax] provisions out of the [first] small business bill, pass it separately, then tie it into the basic Financial Services bill," he said.
Similar legislation is being created in the Senate, but Levin expects it will deviate some from what passes the House.
Details on the bill can be found at