House postpones action on small business bill

“Today, Congress will pass the second of two bills that will unleash up to $300 billion in loans for small businesses and allow them to grow higher and fuel our economy,” she said. “It’s pretty exciting.”

The House on Tuesday voted 247-170 to advance the first section of the legislation that provides tax breaks to small businesses. 

That portion of the bill temporarily excludes from taxation the sale of qualified C corporation stock, and provides penalty relief for small businesses that invest in certain listed transactions. 

It also increases tax by limiting the use of Grantor Retained Annuity Trusts and making the highly corrosive fuel called “crude tall oil” ineligible for a cellulosic biofuel producer credit.