Small business bill.

• Author: Williams, Katy
• Position: LEGISLATION - Brief article

On Sept. 16, the United States Senate passed the Small Business Jobs and Credit Act of 2010 by a 61-38 vote, overcoming last attempts by Republicans, who had hoped to make the research and development tax credit permanent (but the amendment failed by a 51-48 vote).

The bill was on the way to the House at press time. It's believed to have the votes for approval that will send it to President Barack Obama's desk for signature.

The bill was not without debate. The Senate also rejected two proposals that would remove Form 1099 requirements for reporting business transactions of $600 or more, which were enacted in the healthcare bill. On the 1099 proposals, the Democrats were also divided.

Among the provisions passed by the Senate are: * A $30-billion lending fund for small businesses administered by small banks; * $12 billion in tax breaks, including a one-year extension of 50 percent bonus depreciation for equipment that goes into service in 2010; * Enhancement to federal programs that support very...