Small Business Job Creation Act of 2010
Latest action. Read twice and referred to the Committee on Finance.
Small Business Job Creation Act of 2010 - Amends the Internal Revenue Code to: (1) extend an increase in expensing of certain depreciable business assets; and (2) provide an increased exclusion from realized gain for certain small business stock. Repeals: (1) the minimum tax preference for gains on the sale of certain small business stock; and (2) the 28% capital gains rate on qualified small business stocks. Increases the aggregate asset limitation for qualified small businesses.
Small Business Job Creation and Access to Capital Act of 2010 - Amends the Small Business Act to increase maximum amounts of loans under the following Small Business Administration (SBA) loan programs: (1) the section 7(a) (general small business loans) guaranteed loan program; (2) the section 504 (state and local development company) program; and (3) the Microloan (small-scale loans to start-up, newly-established, and growing small businesses) program.
Amends the Small Business Investment Act of 1958 to apply single-business investment limits to SBA-recognized new markets venture capital companies.
Directs the SBA Administrator to establish for prospective borrowers an alternative small business size standard that uses maximum tangible net worth and average net income as an alternative to the use of industry standards.
Expresses the sense of Congress that the Administrator should establish a website that lists SBA lenders and provides loan rate information, and allows prospective borrowers to compare rates on SBA-guaranteed loans.
Amends provisions of the Small Business Investment Act of 1958 relating to the local development business loan program to allow a small business borrower to refinance a qualifying previous business debt or the financing of certain business expenses. Allows the Administrator to provide additional financing under such program for a borrower that meets certain job creation or retention goals. Provides an alternate job retention goal for which a borrower may qualify.
Small Business Export Enhancement and International Trade Act of 2010 - Revises provisions concerning the establishment within the SBA of the Office of International Trade (Office) to, among other things: (1) make the Associate Administrator for International Trade the head of the Office; (2) require the Associate Administrator to carry out all SBA responsibilities regarding international trade; and (3) revise Associate Administrator duties with respect to maintaining a trade distribution network, promoting export sales opportunities and establishing export goals, and disseminating export information and assistance to small businesses.
The summary continues for 6 more paragraphs. Read it in full on Congress.gov
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on March 10, 2010. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on March 10, 2010: Read twice and referred to the Committee on Finance.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 111th Congress (2009-10), 383 of the 10,778 bills and joint resolutions introduced became law, about 3.6 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
Olympia Snowe (R-ME) introduced it on March 10, 2010. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on March 10, 2010, 6028 days ago. The most recent recorded action was 6028 days ago, on March 10, 2010.
Measures do not carry over. Anything the 111th Congress has not finished by January 3, 2011 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers