The Senate, by a vote of 61-38, passed H.R. 5297, the Small Business Lending Funding Act, as amended by the Senate. The tax title of this bill is called the Small Business Jobs Act of 2010. The bill is headed to the House of Representatives, which is expected to pass it without change, thereby clearing the measure for the President‘s signature.
The small business jobs bill includes a number of important tax provisions, including liberalized and expanded expensing for 2010 and 2011, revived bonus depreciation for 2010, five-year carryback of unused general business credits for eligible small businesses, removal of cell phones from the listed property category, and liberalized Code Sec. 6707A penalty rules.