The Senate is moving forward with the Small Business Jobs and Tax Relief Act (S. 2237), which would provide an income tax credit of 10% of wages for small employers who create jobs or increase wages in 2012. The credit would be capped at $500,000 per employer.
The bill also extends 100 percent bonus depreciation through 2012 for all employers.
In a procedural move last night, the Senate voted 80-14 to limit debate, which clears the bill to eventually move forward for a vote. There are still amendments to the bill that need to be worked out, but 80 votes to close debate indicates that there’s some rare bipartisan support to move forward.