The Senate on Tuesday advanced a bill containing another key provision of the American Growth, Recovery, Empowerment and Entrepreneurship (AGREE) Act introduced by U.S. Senator Chris Coons (D-Del.) and U.S. Senator Marco Rubio (R-Fla.) in November. TheSenate voted 80-14 to proceed to the Small Business Jobs and Tax Relief Act, setting it up for possible final passage on Thursday. If passed, it would be the third provision from the AGREE Act that has been enacted this year.
"Helping America's small businesses grow so they can create jobs and strengthen our communities is an idea that everyone can agree on," Senator Coons said. "The Small Business Jobs and Tax Relief Act invests in America's job-creating small businesses, and I'm glad that Senator Rubio and I were able to contribute to it with another common-sense idea from the AGREE Act. One hundred percent bonus depreciation is a proven approach for helping small businesses invest in new equipment to expand their operations, and I'm glad an extension of this policy is being considered this week."
The bill, S.2237, of which Senator Coons is also a cosponsor, wouldextend 100 percent bonus depreciation for certain property acquired and placed in service before the end of the year. This was a key piece of the AGREE Act and has enjoyed broad bipartisan support in the past. It was also part of President Obama's "Startup America Legislative Agenda" in January. The Small Business Jobs and Tax Relief Act being considered now also offers small businesses a 10 percent tax credit on new workers or wage increases.