Senate Passes Small Business Jobs Act

The Senate today completed work on H.R. 5297, the Small Business Jobs Act. The bill passed 61 to 38.

During consideration the Senate defeated an amendment (41-58) offered by Sen. Chuck Grassley (R-Iowa) to extend tax incentives for biodiesel and renewable biodiesel for one year, through 2010. Tax incentives for biodiesel expired at the end of 2009. Farm Bureau is on record in support of the extension of biodiesel tax incentives. The amendment needed a two thirds majority for passage.

The bill as passed includes:
– Increase of Section 179 Expensing;
– Extension of Bonus Depreciation;
– Deductibility of Health Insurance Against Self-Employment Tax;
– Improvements to Disaster Recovery to Include Aquaculture;
– Small Business Export Promotion;
– Enhanced Small Business Trade Opportunities; and
– Increased Deduction for Start-up Expenditures.

Image:(Lars Plougmann)

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