House to Vote on Small-Business Bill Next Week

WASHINGTON – The House of Representatives will vote on a package of loan incentives and tax breaks for small businesses next week, House Democratic Leader Steny Hoyer said on Friday, Reuters reported.

The vote will not take place before 6 p.m. on Wednesday, Hoyer said.

The Senate has already approved the bill. If the House passes the measure as expected, it would head to President Barack Obama to sign into law.

With the unemployment rate stuck at 9.6 percent, Democrats are eager to show voters they are taking steps to improve the economy before the November 2 congressional elections. Many of their other job-creation efforts have been blocked by Republicans this year.

Small businesses have complained that they have had difficulty getting access to credit after banks scaled back lending activity during the 2007-2009 financial crisis.

The bill, backed by industry groups, would set up a $30 billion fund that the government would invest in independent community banks to encourage lending to small firms.

It would also exclude from taxes all capital gains on sales of small-business stock, and accelerate business tax write-offs for purchases of new equipment and other expenses. Tax breaks in the bill total $12 billion.