SmallBusinessNewz

The House of Representatives has approved the "Small Business Tax Relief Act of 2010, by 247-170.

 The legislation is aimed at providing tax cuts for small businesses to help them grow and create jobs. The bill is companion legislation to the "Small Business Jobs and Credit Act," which seeks to improve lending for small businesses.

The bill would offer a 100 percent exclusion from capital gains taxes for some small business stock.  The bill would give small businesses more of a tax break and allow start-ups to deduct up to $20,000 in costs.

"This bill represents a continuation of our work to spur job creation and improve the quality of life in our communities," said Ways and Means Committee Chairman Sander M. Levin (D-MI). 

"Small businesses need capital to create jobs and lead our economic recovery and these bills contain important tax cuts and lending opportunities that will help give small business owners the resources and flexibility they need to help their businesses grow."

Representative Dave Camp (R., Mich.) was critical of the bill saying it did not go far enough to help small businesses. "While the tax relief in here is welcome, it is not enough and won't actually help small businesses create the jobs we need to reduce our stubbornly high unemployment rate."