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Disclose Act

Floor Speech

By:
Date:
Location: Washington, DC

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Ms. LANDRIEU. Madam President, before we end the debate on the small business tax relief bills, I want to thank the 57 Members of this Senate who voted for the SUCCESS Act. The SUCCESS Act has been building support, strong support across the aisle now for about 3 to 4 weeks. It is an outgrowth of not one, not two, but three very successful, high-profile roundtables the Small Business Committee in the Senate has conducted over the course of the spring, coming into the summer, in hopes that we could present a bill that could give a boost in the middle of this summer period to the small businesses that are really struggling to hire and to get stronger as this economy gains strength. Unfortunately, we fell only three votes short just a few minutes ago.

This bill is primarily a tax cut--very targeted, very specific, and very effective--to the small businesses we are counting on to grow and to accelerate the potential high-growth businesses, not just any startups but those that really have the capacity to grow.

We were hoping that despite the partisan posturing, we could have received the 60 votes to give this effort some more life. But we are not going to be discouraged.

I want to particularly thank Senator Shaheen, the Presiding Officer, for her help. I want to specifically thank Senator Cardin and Senator Hagan for spending time on the floor for the provision of streamlining applications for small businesses. That is in this bill.

I want to thank Senator Vitter, Senator Heller, and Senator Collins particularly for their support today. I want to briefly, for another minute, mention a few of the organizations that are supporting this effort, which is only a $4 billion cost. It has a $12 billion immediate impact but only a $4 billion score. It was very effectively written to create a score like that. I am proud of the staff work that went into this effort.

The American Farm Bureau Federation, the American Lighting Association, the Rental Association, Association of Builders and Contractors, Association of Equipment Manufacturers, Automotive Aftermarket Industry Association, Financial Executives, Metal Services Institute, Independent Community Bankers--and just to name a few more--the National Beer Wholesalers, National Association of Home Builders, Printing Industry of America, Small Business & Entrepreneurship Council, the U.S. Black Chamber of Commerce, many women's organizations, Women Construction Owners, Women's Business Enterprise, et cetera, et cetera.

We are very proud to be building in the U.S. Chamber of Commerce a very broad coalition that can see the value. Perhaps we cannot find common ground on a $40 billion tax cut bill or a $50 billion tax cut bill or even $20 billion. But I think we could find common ground on a bill that only scores and costs the Federal Government $4 billion has a $12 billion impact.

It is $4 billion over 10 years, but the benefit is right now, the way that we have structured it, to extend these tax credits and tax extenders for about a year and 3 months which would give us time as we move forward to revise the Tax Code and to see how we can reduce and eliminate our deficit and make our Tax Code more fair. At least it would give a strong signal to many of these small businesses they can count on the tax cuts that are in this bill.

So I am going to, on behalf of the 57 Members who voted for this bill today, file a stand-alone bill. It is going to be called the SUCCESS Act of 2012. I am going to ask all of those who voted today to join me as a cosponsor of the legislation. And let's see, we still have some time left in the summer before we leave. Perhaps, with the administration's support--and they do support the provisions of this--and with the leadership shown by some of the Republican Senators today, who knows, we might be able to get something done.

Finally, we are working closely with the House leadership on the Small Business Committee. I am working very closely with Chairman Graves. They have passed some of this already through the House. So perhaps if we stay focused and work a little bit harder, we might be able to squeeze out another piece of legislation that will help the small businesses of America.

I suggest the absence of a quorum.

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