Senate Passes Small Business Tax Relief

The U.S. Senate recently approved a small-business bill that includes measures aimed at boosting access to capital and tax credits to provide temporary financial relief, according to The Wall Street Journal. The Senate passed legislation differs from the version the House passed in June, and will require a House vote.

Much like the billions spent on TARP, this bill creates a $30 billion lending facility that would direct taxpayer money to regional banks on the condition they lend it to small businesses. The Democratic leadership allowed the minority party just two votes: one on extending a biofuels tax credit by a year and another seeking to make permanent a research-and-development tax credit. Both were defeated.

To view some of the tax relief provisions included in the legislation, go to FarmEquip.org/Shortlinks. ◆