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Senate Republicans to Block Bill Giving Tax Breaks to Small Businesses For Hiring
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| Contributor | RP |
| Last Edited | RP Jul 11, 2012 03:25pm |
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| Category | Proposed Legislation |
| Author | Susie Madrak |
| News Date | Wednesday, July 11, 2012 11:00:00 AM UTC0:0 |
| Description | Senior Republicans suggested on Tuesday that they are likely to block the bill later this week on procedural grounds. They are demanding an open amendment process that Senate Majority Leader Harry Reid, according to staff, will not allow.
Republicans call the bill a naked political ploy and that Democrats have no real interest in passing the legislation.
The Senate bill would give businesses a tax credit worth 10 percent of any amount by which they increase payrolls. By capping the credits at $500,000, the bill aims to primarily help small businesses. The measure would also extend for a year a 100 percent rate under which businesses claim bonus depreciation tax deductions on capital investments--a provision Republicans generally support. |
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