Capital Roundup
Mar 1, 2010
| BILL NAME | SUMMARY OF BILL AND WHAT IT MEANS TO YOU | U.S. CHAMBER'S POSITION | STATUS |
|---|---|---|---|
| FINANCIAL REGULATORY OVERHAUL H.R. 4173 Wall Street Reform and Consumer Protection Act of 2009 |
This bill would create a massive new federal agency that would have unprecedented power and broad regulatory authority and would duplicate existing regulation over businesses—both financial and nonfinancial. It would create significant uncertainty and new costs for financial institutions, curtailing the availability and affordability of credit for small businesses and consumers. | The positive elements of H.R. 4173 are sign-ificantly outweighed by provisions that would magnify and exacerbate flaws within the existing regulatory structure and hamper economic growth. | Last Action Referred to Senate committee January 20, 2010. Next Step Committee Vote |
| TAX BREAK EXTENDERS H.R. 4213 Tax Extenders Act of 2009 |
This $31 billion bill would extend a variety of expiring tax provisions, including the research and development credit, the election to deduct state and local general sales tax, a tax break for “brownfields” environmental remediation costs, and the railroad track maintenance credit. | While the Chamber strongly supports extending expiring tax relief, it opposes provisions in this bill to increase taxes on carried interest, which would have far-reaching negative impacts on capital formation and investment flows. |
Last Action |
| TRADE PROMOTION FOR SMALL BUSINESSES S. 2862 Small Business Export Enhancement and International Trade Act of 2009 |
This bill would increase the resources available to small businesses interested in engaging in international trade. In particular, the bill would create an export promotion pilot grant program targeted at small businesses just beginning to export to China, increase the number of Small Business Administration export specialists, and provide technical assistance for small businesses facing commercial disputes. | The Chamber supports legislation to help small businesses engage in international trade. |
Last Action |
| PERMANENT ESTATE TAX RELIEF H.R. 4154 Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009 |
This bill would make permanent the current estate tax exemption of $3.5 million per person and a top rate of 45%. The exemption is not indexed for inflation. | The Chamber supports a permanent extension of estate tax law; however, it suggests a top tax rate of 35%, with a $5 million exemption indexed for inflation. | Last Action Voted out of the House December 3, 2009. Next Step Senate Vote |
| U.S. TOURISM H.R. 1299 Travel Promotion Act of 2009 |
This bill would help increase overseas travel to the United States by creating a private-public partnership without any U.S. taxpayer funds to communicate changes to U.S. travel policies and to promote the United States as a travel destination abroad. It would also help alleviate much of the confusion that exists regarding new security procedures. | The Chamber strongly supports the Travel Promotion Act because it would provide a significant boost in international travelers, who spend on average about $4,000 each time they enter the United States. | Last Action Passed the Senate on February 25, 2010. Next Step President's Signature |
