Small Business Jobs Bill Stalls Again in Senate

Failure to agree on how to handle bigger tax provisions continues to block consideration   The Senate today failed by a vote of 58 to 42 to pass a procedural vote (60 votes needed for passage) on a new substitute amendment to the Small Business Jobs Act.  The Senate Democrat and Republican leadership were once again unable to reach an agreement on amendments to be offered by Republicans to the bill prior to the vote.  The Bill would make $30 billion in funds available to community banks to make loans to small businesses and provide $12 billion in tax cuts, including quicker write-offs for depreciation. The bill also includes relief from small businesses from Internal Revenue Code section 6707A penalties. The measure had been stalled for weeks in the Senate over Republican amendments on issues including the estate tax, federal spending, border security, nuclear loan guarantees, and other expiring tax provisions.  Another pending amendment offered by Senator Mike Johanns (R-Neb.) would repeal the expanded Form 1099 reporting requirements enacted in the health care reform bill that requires every business and corporation to file a Form 1099 for every purchase of goods or services totaling $600 or more in a calendar year. Further action on the bill in the Senate may be delayed until after the Senate returns from its August recess in September.