A Senate jobs bill, which includes provisions designed to help small businesses, suffered a setback on July 29 when Majority Leader Harry Reid (D-Nev.) was unable to assemble enough votes to block a filibuster. Senate Republicans opposed the measure, saying they wanted more time to offer amendments. It is unclear whether Reid will be able to bring the small-business bill back to the Senate floor before the August recess.
Construction and other business groups support the measure, which would make it easier for small businesses to obtain credit by creating a $30-billion fund to support lending by community banks. It also would allow small companies to “carry back” credits to offset taxes paid in the previous five years and also count the credits against the alternative minimum tax.