McConnell objects to votes on Small Business Jobs bill, Cantor bill, Republican Tax Cut Extension, and the President's Tax Cut Extension
He then asked consent to vitiate the cloture motions and that at 2:00pm tomorrow the Senate proceed to vote in relation to the Cantor language, the new substitute, and the underlying bill, as amended, if amended; Further, that the Senate proceed to a free standing bill to extend the 2001, 2003, and 2009 tax cuts for 98% of Americans and 96% of all small businesses as outlined by President Obama, that the only amendment in order be an amendment offered by Senator McConnell or designee, which is identical to the text of Hatch amendment #2491 (tax extension); and that upon the use or yielding back of 4 hours of debate, the Senate proceed to vote in relation to the McConnell amendment and on passage of the underlying bill, as amended, if amended.
Senator McConnell objected to the request.
Text of the unanimous consent request, brief summaries of the Cantor bill and the new substitute amendment, and the unofficial transcript of the Reid-McConnell exchange can be found below.
Unanimous Consent Request (McConnell objected)
Reid: I ask unanimous consent that cloture be vitiated with respect to the substitute amendment and S.2237; that the motion to commit be withdrawn and amendment #s 2525 and 2522 be withdrawn; that at 2:00pm, Thursday, July 12th, the Senate proceed to votes in relation to the following amendments:
- Amendment #2524 (Cantor language);
- Reid for Landrieu Substitute amendment #2521;
That there be no other amendments or motions in order to the amendments or the bill prior to the votes other than motions to waive or motions to table; that upon disposition of the two amendments, the Senate proceed to a vote on passage of S.2237, as amended, if amended.
Further, that at a time to be determined by the Majority Leader, after consultation with the Republican Leader, the Senate proceed to the consideration of a bill to be introduced by Senator Reid, or designee, extending the 2001, 2003 and 2009 tax cuts for 98% of Americans and 96% of all small businesses as outlined by President Obama; that the only amendment in order to the bill be an amendment offered by Senator McConnell, or designee, which is identical to the text of amendment #2491, as filed by Senator Hatch, that the amendment not be divisible; that there be 4 hours of debate on the amendment and the bill equally divided between the two Leaders, or their designees, prior to a vote in relation to the McConnell, or designee, amendment; that upon disposition of the amendment, the Senate proceed to vote on passage of the bill, as amended, if amended; that there be no motions or points of order to the amendment or the bill.
Amendment summaries
The Reid amendment #2524, (text of HR 9) creates a temporary 20% deduction from taxable income for businesses with fewer than 500 employees. Cost = $46 billion over ten years.
The Reid for Landrieu substitute amendment #2521:.
Landrieu (tax only): extends five tax benefits for small businesses (Cost = $4.4 billion over ten years):
- 0% capital gains tax for certain small business stock
- Expanded carryback of credits to recover prior taxes
- Relief for corporations switching to Subchapter S corporations
- Expanded expensing for certain capital investments
- Higher deductions for start-up costs
In addition to several bipartisan measures aimed at strengthening the SBA, improving small business export promotion, and increasing transparency and oversight, Senator Landrieu's amendment achieves the following:
Capital
- Small Business Investment Company Program - Expands the SBIC program authority from $3 billion to $4 billion and raises the amount funds under common control can borrow from $225 to $350.
- 504 Refinancing - Extends for one year the SBA's authority to refinance short-term commercial real estate debt into long-term fixed rate loans.
- Permanently increases the SBA surety bond guarantee from $2 million $5 million
- Creates parity in contracting by eliminating the caps on contracts awarded under the SBA's women-owned business program and allows contracting officers to award sole source contracts to women-owned businesses.
- Provides additional tools for the SBA Inspector General to combat contracting fraud, a measure previously passed by Unanimous Consent in the Senate.
- Reauthorizes the Small Business Development Center program at level funding through FY15.
- Reauthorizes the Women's Business Center program through FY15.
