Senate fails to end debate on small-business bill

Sen. Mary LandrieuMary Loretta LandrieuCassidy wins reelection in Louisiana Bottom line A decade of making a difference: Senate Caucus on Foster Youth MORE (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 ReidHarry Mason ReidHarry Reid 'not particularly optimistic' Biden will push to eliminate filibuster Schumer becomes new Senate majority leader Biden faces tall order in uniting polarized nation MORE (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 McConnellAddison (Mitch) Mitchell McConnellHumanist Report host criticizes 'conservative Democrats:' They 'hold more power' than progressives Dobbs: Republicans lost in 2020 because they 'forgot who was the true leader' Biden's Cabinet gradually confirmed by Senate MORE (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.