Congress gets another crack at marine issues next week
WASHINGTON — Congress will reconvene on Sept. 13 and major agenda items will include a small business bill that was repeatedly delayed before the recess over procedural concerns, according to the National Marine Manufacturers Association, which strongly supports the bill.
The Senate version of the legislation includes an extension of the Small Business Administration Dealer Floorplan Financing Program for three years and in addition would increase SBA loan caps for dealer floorplan financing to $5 million, eliminate SBA fees and make other improvements that will enhance credit availability for floorplans and other business credit. The legislation also includes more than $12 billion in Small Business Tax Relief, as well as a Small Business Lending Fund that would make available $30 billion for small business lending.
“Part of the small business debate is likely to include an amendment to repeal new Sec. 1099 reporting requirements passed as part of the recent Health Care bill,” NMMA said in its latest legislative update. “Under the new law, companies are required to send a 1099 tax form to other businesses for all purchases over $600. NMMA strongly supports the repeal of this provision. The Senate is expected to take up this bill for floor votes on September 14.”
The group noted that when Congress reconvenes “typical legislative business is likely to be complicated by substantial pre-election partisan posturing.”
To read more legislative update from the group, click here.
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