U.S. Senate Passes Small Business Tax, Loan Measure
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The U.S. Senate approved legislation to cut taxes and ease credit for small businesses in a long-delayed victory for Democrats eager to show voters they are working to create jobs.
The legislation, passed 61-38, would create a $30 billion lending program and provide small businesses with $12 billion in tax breaks, including more generous write-offs for equipment purchases. The measure goes to the House for a final vote before being sent to President Barack Obama for his signature. The House will take it up next week, said Nadeam Elshami, a spokesman for Speaker Nancy Pelosi.