By Jay Heflin - 03/23/10 02:23 PM EDT
Senate Finance is working on legislation to provide small business tax relief, but committee action on the measure is not expected any time soon.
The bill is expected to temporarily exempt small businesses stock from capital gains taxes and expand loan options to these companies, among other things.
The House is slated to vote on its small business tax bill today.
Among other things, the legislation temporarily excludes certain small business stock from capital gains taxes; limits IRS penalties on reportable transactions; extends Build America Bonds; and extends the alternative minimum tax exemption on interest from tax-exempt bonds.
It also extends funding to states for needy families and subsidized jobs programs.
This section of the bill is offset by excluding a corrosive waste called "crude tall oil" from the cellulosic biofuel tax credit used by paper manufacturers and by making it easier for the IRS to collect taxes owed by federal contractors.