Watch LIVE

$30 Billion for Small Biz: Senate Bill Passes

News

The Senate voted twice today in order to pass a $30 billion piece of small business legislation that had been filibustered by Republicans.

In the first vote, the Senate voted 61-38 to end the filibuster -- Republican Sens. George Voinovich of Ohio and George LeMieux of Florida relented and sided with Democrats -- and then passed the bill by the same vote.

The bill will give small business $12 billion in tax cuts, as well as establish a $30 billion fund to provide community banks with capital to increase their lending to small businesses. Supporters say banks should be able to use the fund to leverage up to $300 billion in loans.

According to The Hill, the bill also provides $1.5 billion in grants to support state-level small-business lending programs and would increase to $500,000 the amount businesses may write off for capital investments. Additionally, small businesses can immediately deduct 50 percent of the cost of equipment from their taxes.

"I couldn't find a reason to be against it, LeMieux told Politico after the vote. "I could only find reasons to be for it."

The bill now goes back to the House, which passed a version of the bill earlier this summer. No changes are expected before it's sent to President Obama.

Most recent
All Articles