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Legislation aimed at assisting small businesses has been stalled in the Senate. The Small Business Jobs Act would renew now-expired breaks on Small Business Administration loans, provide $30 billion in cheap capital that community banks could use for small-business loans and give small businesses $12 billion in tax breaks.
According to Portfolio.com, the Small Business Jobs Act has something that could assist nearly every small business. The Jobs Act would make it easier to for small business owners to get a loan and enable small businesses to write off more of the cost of capital investments immediately, instead of depreciating them over time. The Act also would allow those who are self-employed to deduct their health insurance premiums from income.
Portfolio reports that Terry Gardiner, policy director for Small Business Majority, doesn't understand why the Jobs Act is running into problems, especially now, when the economy needs the help of strong small businesses. But the powerful business group, the U.S. Chamber of Commerce, is "basically neutral" on the bill, said Bruce Josten, its top lobbyist. The Chamber doesn't think the legislation will be very effective in helping small businesses, he tells Portfolio.
There is a great deal of the usual finger pointing between the Democrats who are trying to get the bill through, and the Republicans, who are stalling. "We're not getting a lot of cooperation," said Senate Majority Leader, Harry Reid (D-Nev).
Republicans, among other things, want to address the estate tax with this bill. The tax on inherited assets will return at high rates and low expemptions if Congress does not act this year. Some family-owned businesses could be affected by the tax, especially those in capital-intensive industries and in areas with high real estate prices, according to Portfolio.
Both the National Association for the Self-Employed and the Independent Community Bankers of America are in favor of this legislation.
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