Senate

Senate fails to end debate on small-business bill

{mosads}Sen. Mary Landrieu (D-La.) immediately came to the floor after the vote and announced plans to bring up similar legislation to an amendment in the small business bill. That amendment would have provided zero percent
capital gains tax for certain small-business stocks, increased tax
deductions for business start-up costs and also provided tax relief for
companies that switched to S-type corporations.

The vote on that amendment was 57 to 41 on a 60-vote threshold.

“I am going to, on behalf of the 57 members that voted for this today,
to file a standalone bill, that’s going to be called the Success Act
bill of 2012. I’m going to ask all of those that voted today to join me
as a cosponsor of the legislation,” Landrieu said.

Landrieu said that, given the support of 57 members of the Senate and
the White House, there was still a chance to pass the provisions in the
bill this summer.

“Perhaps, with the administration’s support — and they do support the
provisions of this — and with the leadership shown by some of the
Republican senators today, who knows, we might be able to get something
done,” Landrieu continued.

The small business bill provides a 10 percent tax credit for businesses that increased
their payrolls in 2012 compared to 2011. The credit is capped at
$500,000. The bill also provides a tax deduction for companies that make
major equipment purchases.

The vote came a day after Senate Majority Leader Harry Reid (D-Nev.)
tried to move the small business bill forward as well as two competing
proposals on extending the Bush-era tax rates. Senate Minority Leader
Mitch McConnell (R-Ky.) blocked Reid’s unanimous consent, saying he
wanted to see the proposal preferred by President Obama and opposed by
Republicans in paper form before he agreed to a vote on it.

Tags Harry Reid Mary Landrieu Mitch McConnell

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