RSS Feed Link

Legislation Stalled on Capitol Hill

on July 16, 2012 Source: Policy Dialogue on Entrepreneurship

gop-demos image

Democrats and Republicans in the Senate each lost once last week--entrepreneurs and small business owners lost twice.

Despite a push last week from Majority Leader Harry Reid, the Small Business Jobs and Tax Relief Act (S. 2237) didn't pass the Republican filibuster and is slated for further debate. It calls for a 10 percent tax credit to firms who hire or increase payroll. Meanwhile, a Republican plan to give businesses with fewer than 500 employees a 20 percent tax cut was soundly defeated 73-24.

Despite the setback for S. 2237, Sen. Mary Landrieu, chair of the Senate Committee on Small Business and Entrepreneurship, announced her plans to introduce the provisions of her amendment to it as a stand-alone bill. Those provisions are:

  • Extension of the 100% Exclusion from Capital Gains of Gain From Investment In Qualified Small Business Stock;
  • Extension of the Increased Deduction for Start-Up Expenditures;
  • Extension of the 5-Year Holding Period For S-Corps Built-In Gains;
  • Extension of the 5-Year Carryback of the General Business Tax Credit;
  • Extension of an Enhanced Sec. 179 Provision ($500,000 with the $2,000,000 phaseout) that includes up to $250,000 for certain improvements to real property.

Stay tuned for updates.

Category:  Capitol Hill 

comments powered by Disqus

Search PDE

Policy Dialogue on Entrepreneurship Get Your Weekly Digest

Register today to receive news and updates from

Email Newsletter Signup

Past eNewsletters

View All

Email Newsletters

Want to be up-to-date with the latest news and updates from To subscribe, just give us your email address below; you'll choose which e-newsletters you'd like to receive on the next screen.