In The News

Congress passes small-business bill

A bill designed to help small-business owners survive these rocky economic times is on its way to the president’s desk for his signature. On Thursday, Sept. 23, the U.S. House passed the Small Business Jobs and Credit Act – HR5297 – by a vote of 237-187.

A week ago, the U.S. Senate voted 61-38 in favor of the bill, which includes a $30 billion Small Business Lending Fund. The bill also includes $12 billion in tax relief measures for small businesses. After the Senate approved the bill, it was sent back to the House for a final vote. The House passed its version of the bill back in mid-June, but the bill had stalled for a few months in the Senate.

Mike Joyce, director of legislative affairs in OOIDA’s Washington, DC, office, said this legislation may help some small-business truckers.

“The bonus depreciation piece of this legislation could be useful to our members who have made, or are planning to make, equipment purchases,” he said.

Tax provisions in the legislation will allow businesses to write off half of their new equipment purchasing costs.

The Independent Community Bankers of America – ICBA – sent a statement on Thursday urging bank regulators to “quickly implement the program so that this Treasury capital fund can be deployed and get much-needed capital into the hands of small-business owner so they can create jobs, promote economic stability and allow America’s Main Street communities to thrive once again.”

The legislation will extend the elimination of fees for U.S. Small Business lending programs for SBA 7(a) and 504 loan programs and increase the guarantees on 7(a) loans from 75 percent to 90 percent.

The bill would also eliminate a requirement in current tax law that employees pay taxes on the value of certain transmissions they send on employer-provided cell phones.

[email protected]

www.LandLineMag.com