Passes Small Business Tax Cut Legislation

On April 19, 2012, the House, by a vote of 235 to 173, passed the Small Business Tax Cut bill (HR 9). The legislation would grant a 20-percent tax cut to small businesses with up to 500 employees.  The estimated $46 billion one-year cost of the legislation was not offset.  The legislation is unlikely to be taken up by the Senate and faces a veto threat from President Obama.