Cloture Not Invoked
July 12, 2012(Key vote)
Title: Small Business Jobs and Tax Relief Act
Vote Smart's Synopsis:
Vote to invoke cloture on a bill that authorizes tax breaks for certain businesses and extends bonus depreciation for certain business assets.
Requires a qualified employer to be allowed a credit of 10 percent of the amount in excess against imposed taxes of the following (Sec. 2):
The sum of the wages and compensation paid by the employer for qualified services during 2011 and 2012; and
The sum of the amount of excess taken into account not to be greater than $5 million.
Extends the 100 percent bonus depreciation for the following (Sec. 3):
Qualified property acquired by a taxpayer until January 1, 2013, whereas existing law states January 1, 2012; and
Qualified properties including certain aircraft and certain property having longer production periods until January 1, 2014, whereas existing law states January 1, 2013.
Requires the bonus depreciation amount for any taxable year not to exceed the lesser of the following (Sec. 3):
50 percent of the minimum tax credit for the first taxable year ending after December 31, 2011, reduced by the sum of the bonus depreciation amounts for all taxable years ending after the date for which an election was made and those preceding the taxable year for which the determination is made; or
For the minimum tax credit to be determined by taking into account only the adjusted minimum tax for taxable years ending before January 1, 2012.
NOTE: INVOKING CLOTURE REQUIRES A 3/5 MAJORITY OF THE SENATE. IT IS NOT A VOTE ON THE PASSAGE OF THE PIECE OF LEGISLATION, BUT LIMITS FURTHER DEBATE TO 30 HOURS. CLOTURE IS TYPICALLY USED TO END A FILIBUSTER. A FAILED CLOTURE VOTE OFTEN PREVENTS THE LEGISLATION FROM EVER COMING TO A VOTE.