NSBA Applauds Small Business Bill

The National Small Business Association (NSBA) said today it applauds the approval of the Small Business Jobs Bill, and urges the House to promptly take-up the Senate-approved language.

Though the Senate failed to pass language fully repealing the new and expanded 1099 reporting requirement, lawmakers would be remiss if they failed to revisit repeal efforts in the near future, the NSBA said.

“America’s small businesses have been struggling for more than two years now,” stated Todd McCracken,NSBA president. “This legislation comes not a moment too soon and will provide myriad avenues of help for small businesses.”

   The NSBA-supported Small Business Jobs Bill makes several positive steps forward. It would stimulate lending to small businesses via small- and mid-sized community banks, and through the extension of the highly-successful SBA stimulus lending programs. Additionally, the bill provides some meaningful tax breaks, including an extension of the bonus depreciation and expanded Section 179 expensing. Particularly helpful, the bill would allow self-employed individuals to fully deduct the cost of their health insurance from their self-employment taxes for 2010—a key NSBA priority for many years.

While on the one hand a temporary set-back, the absence of 1099 repeal language ought to effectively clear the path forward of any roadblocks to House passage of the Small Business Jobs bill. NSBA is hopeful that Congress sees the 1099 provision for what it is, a growth killer, and promptly passes stand-alone legislation to fully repeal the language.

“NSBA has been calling on Congress to enact many of the provisions included in the Small Business Jobs Bill,” stated Larry Nannis, chair of NSBA and shareholder at Levine, Katz, Nannis + Solomon, PC. “Passage of this bill is a huge win for small business.”