Small Business Jobs Bill passes the Senate
The Senate voted 61-38 and passed H.R. 5297, the Small Business Lending Funding Act, as amended by the Senate. The bill will be titled “The Small Business Jobs Act of 2010.” Next, the House of Representatives needs to review the bill where it is expected to pass without change. The Senate bill differs from the House version passed in June. Once passed by the House and Senate, the measure will be sent to President Obama, and he is expected to sign the bill into law.
The small business jobs bill includes a number of important tax provisions, including liberalized and expanded expensing for 2010 and 2011, revived bonus depreciation for 2010, five-year carryback of unused general business credits for eligible small businesses, removal of cell phones from the listed property category, liberalized Code Sec. 6707A penalty rules, and increased startup expense deductions.
Once the President has signed the bill, I will post more information regarding the new law. However, if you want to read more information regarding the Small Business Tax Relief bill, the Journal of Accountancy has a well written article that goes into more detail.