WASHINGTON – United States Senator Mary L. Landrieu, D-La., Chair of the Senate Committee on Small Business and Entrepreneurship, today commented on the U.S. Senate votes that included measures to extend certain tax cuts enacted in the Small Business Jobs Act of 2010 and a repeal of the Form 1099 reporting requirements.
Sen. Landrieu said:
“Every day we hear from Republicans and Democrats about the importance of small businesses. Unfortunately, Republicans have decided to hold these same small businesses, the job creators in our weak economy, hostage. The Senate has voted three times to repeal a burdensome FORM 1099 reporting requirement that small businesses are pleading for us to remove, and each time it has been blocked. The American people have made it clear that this kind of gridlock and lack of progress will not be tolerated. We have a responsibility to the people and small businesses back in our home states and it is disappointing that we are forced to ignore their calls for help, yet again.
“Also included in these votes were provisions to extend the tax cuts to small businesses made possible by the Small Business Jobs Act of 2010, a bill I fought for on the Senate floor. Tax cuts for small businesses will allow entrepreneurs to create jobs and expand their businesses. With nearly two-thirds of this country’s new jobs coming from small firms, I am committed to lowering the regulatory burdens that take up their time and resources and I am focused on cutting taxes to allow them to invest in their businesses and lead our economic recovery efforts.”
Senators Max Baucus, D-Mont., and Chuck Schumer, D-N.Y.C., introduced amendments addressing tax cuts for the middle-class, the FORM 1099 reporting requirements and extending tax cuts enacting in the Small Business Jobs Act of 2010.
Specifically, Senator Baucus’ amendment would:
- Extend the 100% Capital Gains exclusion for investments in certain small businesses for 1 year;
- Extend for the deduction of health care costs for payroll tax purposes for the self-employed for 1 year;
- Extend the increased deduction for start-ups; and
- Repeal the 2012 Form 1099 Requirements.
Senator Baucus’ amendment failed with a vote of 53-36 and Senator Schumer’s amendment failed to pass with a vote of 53-37.