Small Business Bill

The Senate will approve a small business bill on this Thursday that's been pushed for by the White House for weeks - what's exactly in it? One highlight that's talked about is a $30 billion fund for community banks, designed to spur loans for small businesses.

The bill also raises the limit on small business (SBA) loans and would promote refinancing of commercial real estate debt.

Also included is an extension of a plan from the stimulus law, which increases government guarantees on SBA loans, which Democrats say will help create and/or retain jobs.

The bill also has a series of tax provisions, which backers say amount to a $12 billion tax cut for small businesses, such allowing the expensing of up to $500,000 in capital investments, the write off of 50% of the cost of new equipment and 100 percent exclusion from capital gains taxes on small business investments.

The plan also would let self-employed individuals deduct the cost of health insurance for the purpose of paying their self-employment tax.

For a quick look at the bill, here is the table of contents of the language as proposed by Senate Democrats.  It still must be approved by the House.

SA 4594. Mr. REID (for Mr. Baucus (for himself, Ms. Landrieu, and Mr. Reid)) proposed an amendment to the bill H.R. 5297, to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes; as follows:

    Strike all after the enacting clause and insert the following:

   SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Jobs Act of 2010''.

   SEC. 2. TABLE OF CONTENTS.

    The table of contents for this Act is as follows:

   Sec..1..Short title.

   Sec..2..Table of contents.

   TITLE I--SMALL BUSINESSES

   Sec..1001..Definitions.

   Subtitle A--Small Business Access to Credit

   Sec..1101..Short title.

   PART I--Next Steps for Main Street Credit Availability

   Sec..1111..Section 7(a) business loans.

   Sec..1112..Maximum loan amounts under 504 program.

   Sec..1113..Maximum loan limits under microloan program.

   Sec..1114..Loan guarantee enhancement extensions.

   Sec..1115..New Markets Venture Capital company investment limitations.

   Sec..1116..Alternative size standards.

   Sec..1117..Sale of 7(a) loans in secondary market.

   Sec..1118..Online lending platform.

   Sec..1119..SBA Secondary Market Guarantee Authority.

   PART II--Small Business Access to Capital

   Sec..1122..Low-interest refinancing under the local development business loan program.

   PART III--Other Matters

   Sec..1131..Small business intermediary lending pilot program.

   Sec..1132..Public policy goals.

   Sec..1133..Floor plan pilot program extension.

   Sec..1134..Guarantees for bonds and notes issued for community or economic development purposes.

   Sec..1135..Temporary express loan enhancement.

   Sec..1136..Prohibition on using TARP funds or tax increases.

   Subtitle B--Small Business Trade and Exporting

   Sec..1201..Short title.

   Sec..1202..Definitions.

   Sec..1203..Office of International Trade.

   Sec..1204..Duties of the Office of International Trade.

   Sec..1205..Export assistance centers.

   Sec..1206..International trade finance programs.

   Sec..1207..State Trade and Export Promotion Grant Program.

   Sec..1208..Rural export promotion.

   Sec..1209..International trade cooperation by small business development centers.

   Subtitle C--Small Business Contracting

   PART I--Contract Bundling

   Sec..1311..Small Business Act.

   Sec..1312..Leadership and oversight.

   Sec..1313..Consolidation of contract requirements.

   Sec..1314..Small business teams pilot program.

   PART II--Subcontracting Integrity

   Sec..1321..Subcontracting misrepresentations.

   Sec..1322..Small business subcontracting improvements.

   PART III--Acquisition Process

   Sec..1331..Reservation of prime contract awards for small businesses.

   Sec..1332..Micro-purchase guidelines.

   Sec..1333..Agency accountability.

   Sec..1334..Payment of subcontractors.

   Sec..1335..Repeal of Small Business Competitiveness Demonstration Program.

   PART IV--Small Business Size and Status Integrity

   Sec..1341..Policy and presumptions.

   Sec..1342..Annual certification.

   Sec..1343..Training for contracting and enforcement personnel.

   Sec..1344..Updated size standards.

   Sec..1345..Study and report on the mentor-protege program.

   Sec..1346..Contracting goals reports.

   Sec..1347..Small business contracting parity.

   Subtitle D--Small Business Management and Counseling Assistance

   Sec..1401..Matching requirements under small business programs.

   Sec..1402..Grants for SBDCs.

   Subtitle E--Disaster Loan Improvement

   Sec..1501..Aquaculture business disaster assistance.

   Subtitle F--Small Business Regulatory Relief

   Sec..1601..Requirements providing for more detailed analyses.

   Sec..1602..Office of advocacy.

   Subtitle G--Appropriations Provisions

   Sec..1701..Salaries and expenses.

   Sec..1702..Business loans program account.

   Sec..1703..Community Development Financial Institutions Fund program account.

   Sec..1704..Small business loan guarantee enhancement extensions.

   TITLE II--TAX PROVISIONS

   Sec..2001..Short title.

   Subtitle A--Small Business Relief

   PART I--Providing Access to Capital

   Sec..2011..Temporary exclusion of 100 percent of gain on certain small business stock.

   Sec..2012..General business credits of eligible small businesses for 2010 carried back 5 years.

   Sec..2013..General business credits of eligible small businesses in 2010 not subject to alternative minimum tax.

   Sec..2014..Temporary reduction in recognition period for built-in gains tax.

   PART II--Encouraging Investment

   Sec..2021..Increased expensing limitations for 2010 and 2011; certain real property treated as section 179 property.

   Sec..2022..Additional first-year depreciation for 50 percent of the basis of certain qualified property.

   Sec..2023..Special rule for long-term contract accounting.

   PART III--Promoting Entrepreneurship

   Sec..2031..Increase in amount allowed as deduction for start-up expenditures in 2010.

   Sec..2032..Authorization of appropriations for the United States Trade Representative to develop market access opportunities for United States small- and medium-sized businesses and to enforce trade agreements.

   PART IV--Promoting Small Business Fairness

   Sec..2041..Limitation on penalty for failure to disclose reportable transactions based on resulting tax benefits.

   Sec..2042..Deduction for health insurance costs in computing self-employment taxes in 2010.

   Sec..2043..Removal of cellular telephones and similar telecommunications equipment from listed property.

   Subtitle B--Revenue Provisions

   PART I--Reducing the Tax Gap

   Sec..2101..Information reporting for rental property expense payments.

   Sec..2102..Increase in information return penalties.

   Sec..2103..Report on tax shelter penalties and certain other enforcement actions.

   Sec..2104..Application of continuous levy to tax liabilities of certain Federal contractors.

   PART II--Promoting Retirement Preparation

   Sec..2111..Participants in government section 457 plans allowed to treat elective deferrals as Roth contributions.

   Sec..2112..Rollovers from elective deferral plans to designated Roth accounts.

   Sec..2113..Special rules for annuities received from only a portion of a contract.

   PART III--Closing Unintended Loopholes

   Sec..2121..Crude tall oil ineligible for cellulosic biofuel producer credit.

   Sec..2122..Source rules for income on guarantees.

   PART IV--Time for Payment of Corporate Estimated Taxes

   Sec..2131..Time for payment of corporate estimated taxes.

   TITLE III--STATE SMALL BUSINESS CREDIT INITIATIVE

   Sec..3001..Short title.

   Sec..3002..Definitions.

   Sec..3003..Federal funds allocated to States.

   Sec..3004..Approving States for participation.

   Sec..3005..Approving State capital access programs.

   Sec..3006..Approving collateral support and other innovative credit access and guarantee initiatives for small businesses and manufacturers.

   Sec..3007..Reports.

   Sec..3008..Remedies for State program termination or failures.

   Sec..3009..Implementation and administration.

   Sec..3010..Regulations.

   Sec..3011..Oversight and audits.

   TITLE IV--ADDITIONAL SMALL BUSINESS PROVISIONS

   Subtitle A--Small Business Lending Fund

   Sec..4101..Purpose.

   Sec..4102..Definitions.

   Sec..4103..Small business lending fund.

   Sec..4104..Additional authorities of the Secretary.

   Sec..4105..Considerations.

   Sec..4106..Reports.

   Sec..4107..Oversight and audits.

   Sec..4108..Credit reform; funding.

   Sec..4109..Termination and continuation of authorities.

   Sec..4110..Preservation of authority.

   Sec..4111..Assurances.

   Sec..4112..Study and report with respect to women-owned, veteran-owned, and minority-owned businesses.

   Sec..4113..Sense of congress.

   Subtitle B--Other Provisions

   PART I--Small Business Export Promotion Initiatives

   Sec..4221..Short title.

   Sec..4222..Global business development and promotion activities of the Department of Commerce.

   Sec..4223..Additional funding to improve access to global markets for rural businesses.

   Sec..4224..Additional funding for the ExporTech program.

   Sec..4225..Additional funding for the market development cooperator program of the department of commerce.

   Sec..4226..Hollings Manufacturing Partnership Program; Technology Innovation Program.

   Sec..4227..Sense of the Senate concerning Federal collaboration with States on export promotion issues.

   Sec..4228..Report on tariff and nontariff barriers.

   PART II--Medicare Fraud

   Sec..4241..Use of predictive modeling and other analytics technologies to identify and prevent waste, fraud, and abuse in the Medicare fee-for-service program.

   TITLE V--BUDGETARY PROVISIONS

   Sec..5001..Determination of budgetary effects.


The Senate will approve a small business bill on this Thursday that's been pushed for by the White House for weeks - what's exactly in it? One highlight that's talked about is a $30 billion fund for community banks, designed to spur loans for small businesses.The bill also raises the ...