Senate to Begin Consideration of Small Business Bill

Senate consideration of the small business bill (HR 5297) is expected to begin on July 20. On July 17, Majority Leader Harry Reid (D-NV) announced that he had reached an agreement with Republicans on permitted amendments, although it remains to be seen whether he will allow Senators Blanche Lincoln (D-AR) and Jon Kyl (R-AZ) to offer their motion to phase in a 35% rate and $3.5 million exemption.

Meanwhile, the Senate Finance Committee has begun to discuss action to prevent the expiration the 2001 and 2003 Bush tax cuts for those earning less than $200,000 per year. Senators continue to disagree on whether an extension should include individuals earning more than $200,000 per year and whether it should be permanent or temporary. The 2001/2003 tax cut extension continues to be mentioned as a potential ultimate vehicle for estate tax reform.

 

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