Congressional Record
111th Congress (2009-2010)
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SMALL BUSINESS LENDING FUND ACT OF 2010--Resumed -- (Senate - August 05, 2010)
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Mr. REID. Mr. President, what is the pending business?
The PRESIDING OFFICER. The clerk will report the pending business.
The assistant legislative clerk read as follows:
A bill (H.R. 5297) to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for otherpurposes.
Pending:
Reid (for Baucus/Landrieu) amendment No. 4519, in the nature of a substitute.
Reid amendment No. 4520 (to amendment No. 4519), to change the enactment date.
Reid amendment No. 4521 (to amendment No. 4520), of a perfecting nature.
Reid amendment No. 4522 (to the language proposed to be stricken by amendment No. 4519), to change the enactment date.
Reid amendment No. 4523 (to amendment No. 4522), of a perfecting nature.
Reid motion to commit the bill to the Committee on Finance with instructions,
Reid amendment No. 4524 (the instructions on the motion to commit), to provide for a study.
Reid amendment No. 4525 (to the instructions (amendment No. 4524) of the motion to commit), of a perfecting nature.
Reid amendment No. 4526 (to amendment No. 4525), of a perfecting nature.
Mr. REID. Mr. President, I ask unanimous consent that all pending amendments and the motion be withdrawn.
The PRESIDING OFFICER. Without objection, it is so ordered.
AMENDMENT NO. 4594
Mr. REID. Mr. President, I call up the Baucus-Landrieu-Reid substitute amendment which is at the desk.
The PRESIDING OFFICER. The clerk will report.
The assistant legislative clerk read as follows:
The Senator from Nevada [Mr. REID], for Mr. Baucus and Ms. Landrieu, proposes an amendment numbered 4594.
Mr. REID. I ask unanimous consent that reading of the amendment be dispensed with.
The PRESIDING OFFICER. Without objection, it is so ordered.
(The text of the amendment is printed in today's Record under ``Text of Amendments.'')
Mr. REID. I ask for the yeas and nays.
The PRESIDING OFFICER. Is there a sufficient second?
There appears to be a sufficient second.
The yeas and nays were ordered.
AMENDMENT NO. 4595 TO AMENDMENT NO. 4594
Mr. REID. I now ask to be reported the Bill Nelson first-degree amendment which is at the desk.
The PRESIDING OFFICER. The clerk will report.
The assistant legislative clerk read as follows:
The Senator from Nevada [Mr. REID], for Mr. Nelson of Florida, proposes an amendment numbered 4595 to amendment No. 4594.
Mr. REID. I ask unanimous consent that reading of the amendment be dispensed with.
The PRESIDING OFFICER. Without objection, it is so ordered.
The amendment is as follows:
At the end of subtitle B of title II, add the following:
PART V--ADDITIONAL PROVISIONS
SEC. __X. CERTAIN EXCEPTIONS TO INFORMATION REPORTING PROVISIONS.
(a) In General.--Section 6041 of the Internal Revenue Code of 1986, as amended by section 9006 of the Patient Protection and Affordable Care Act and section 2101 of this Act, is amended by redesignating subsection (j) as subsection (k) and inserting after subsection (i) the following new subsection:
``(j) Coordination With Returns Relating to Payment Card and Third Party Network Transactions.--This section shall not apply to any amount with respect to which a return is required to be made under section 6050W.''.
(b) Increase in Threshold Amount and Exemption for Small Employers for Reporting of Payments Relating to Property.--Subsection (a) of section 6041 of the Internal Revenue Code of 1986, as amended by the Patient Protection and Affordable Care Act, is amended by adding at the end the following new sentences: ``In the case of payments in consideration of property, this subsection shall be applied by substituting `$5,000' for `$600' and this subsection shall not apply in the case of any person employing not more than 25 employees at any time during the taxable year. For purposes of the preceding sentence, all persons treated as a single employer under subsection (b), (c), (m), or (o) of section 414 shall be treated as one employer.''.
(c) Regulatory Authority.--Subsection (k) of section 6041 of the Internal Revenue Code of 1986, as redesignated by subsection (a), is amended by striking ``including'' and all that follows and inserting ``including--
``(1) rules to prevent duplicative reporting of transactions, and
``(2) rules which identify, and provide exceptions for, payments which bear minimal risk of noncompliance.''.
(d) Effective Dates.--
(1) IN GENERAL.--Except as provided in paragraph (2), the amendments made by this section shall apply to amounts with respect to which a return is required to be made in calendar years beginning after December 31, 2010.
(2) PROPERTY THRESHOLD.--The amendment made by subsection (b) shall apply as if included in the amendments made by section 9006 of the Patient Protection and Affordable Care Act.
(e) Public Comments and Suggestions.--In order to minimize the burden on small businesses and to avoid duplicative information reporting by small businesses, the Secretary of the Treasury or the Secretary's designee is directed to request and consider comments and suggestions from the public concerning implementation and administration of the amendments made by section 9006 of the Patient Protection and Affordable Care Act, including--
(1) the appropriate scope of the terms ``gross proceeds'' and ``amounts in consideration for property'' in section 6041(a) of the Internal Revenue Code of 1986, as amended by such section 9006,
(2) whether or how the reporting requirements should apply to payments between affiliated corporations, including payments related to intercompany transactions within the same consolidated group,
(3) the appropriate time and manner of reporting to the Internal Revenue Service, and
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(4) whether, and what, changes to existing procedures and forms to acquire taxpayer identification numbers are needed, and
(5) how back-up withholding requirements should apply.
(f) Timely Guidance.--The Secretary of the Treasury is directed to issue timely guidance that will implement and administer the amendments made by section 9006 of the Patient Protection and Affordable Care Act in a manner that minimizes the burden on small businesses and avoids duplicative reporting by small businesses.
(g) Reports to Congress.--
(1) IN GENERAL.--Prior to the effective date of the amendments made by section 9006 of the Patient Protection and Affordable Care Act, the Secretary of the Treasury shall report quarterly to Congress concerning the steps taken to implement such amendments, including ways to limit compliance burdens and to avoid duplicative reporting. Such reports shall include--
(A) a description of actions taken to minimize, reduce or eliminate burdens associated with information reporting by small businesses, and
(B) a description of business transactions exempted from reporting requirements to avoid duplicative reporting or because such transactions represent minimal compliance risk.
(2) COMPARISON.--Not later than 6 months prior to the effective date of the amendments made by section 9006 of the Patient Protection and Affordable Care Act, the Secretary of the Treasury shall report to Congress a comparison of the expected compliance requirements after the implementation of such amendments to the compliance requirements under section 6041 of the Internal Revenue Code of 1986 prior to the effective date of such amendments.
SEC. __X. DENIAL OF DEDUCTION FOR MAJOR INTEGRATED OIL COMPANIES FOR INCOME ATTRIBUTABLE TO DOMESTIC PRODUCTION OF OIL, GAS, OR PRIMARY PRODUCTS THEREOF.
(a) In General.--Subparagraph (B) of section 199(c)(4) of the Internal Revenue Code of 1986 is amended by striking ``or'' at the end of clause (ii), by striking the period at the end of clause (iii) and inserting ``, or'', and by inserting after clause (iii) the following new clause:
``(iv) in the case of a taxpayer which is a major integrated oil company (as defined in section 167(h)(5)(B)), oil related qualified production activities (within the meaning of subsection (d)(9)(B)).''.
(b) Conforming Amendment.--Section 199(d)(9)(A) of the Internal Revenue Code of 1986 is amended by inserting ``(other than a major integrated oil company (as defined in section 167(h)(5)(B))'' after ``taxpayer''.
(c) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2010.
Mr. REID. I ask for the yeas and nays.
The PRESIDING OFFICER. Is there a sufficient second?
There appears to be a sufficient second.
The yeas and nays were ordered.
AMENDMENT NO. 4596 TO AMENDMENT NO. 4595
Mr. REID. I now call up the Johanns amendment No. 4596.
The PRESIDING OFFICER. The clerk will report.
The assistant legislative clerk read as follows:
The Senator from Nevada [Mr. REID], for Mr. Johanns, proposes an amendment numbered 4596 to amendment No. 4595.
Mr. REID. I ask unanimous consent that reading of the amendment be dispensed with.
The PRESIDING OFFICER. Without objection, it is so ordered.
The amendment is as follows:
At the appropriate place insert the following:
PART IV--ADDITIONAL PROVISIONS
SEC. 4271. REPEAL OF EXPANSION OF INFORMATION REPORTING REQUIREMENTS.
Section 9006 of the Patient Protection and Affordable Care Act, and the amendments made thereby, are hereby repealed; and the Internal Revenue Code of 1986 shall be applied as if such section, and amendments, had never been enacted.
SEC. 4272. EXPANSION OF AFFORDABILITY EXCEPTION TO INDIVIDUAL MANDATE.
Section 5000A(e)(1)(A) of the Internal Revenue Code of 1986 is amended by striking ``8 percent'' and inserting ``5 percent''.
SEC. 4273. USE OF PREVENTION AND PUBLIC HEALTH FUND.
(a) Use of Funds as Offset Through Fiscal Year 2017.--Section 4002(b) of the Patient Protection and Affordable Care Act is amended by striking ``appropriated--'' and all that follows and inserting ``appropriated, for fiscal year 2018, and each fiscal year thereafter, $2,000,000,000''.
(b) Effective Date.--The amendment made by this section shall take effect as if included in the enactment of section 4002 of the Patient Protection and Affordable Care Act.
SEC. 4274. TIME FOR PAYMENT OF CORPORATE ESTIMATED TAXES.
The percentage under paragraph (2) of section 561 of the Hiring Incentives to Restore Employment Act in effect on the date of the enactment of this Act is increased by 4.25 percentage points.
AMENDMENT NO. 4597
Mr. REID. I have an amendment to the language proposed to be stricken and ask for its consideration.
The PRESIDING OFFICER. The clerk will report.
The assistant legislative clerk read as follows:
The Senator from Nevada [Mr. REID] proposes an amendment numbered 4597 to the language proposed to be stricken by amendment No. 4594.
Mr. REID. I ask unanimous consent that reading of the amendment be dispensed with.
The PRESIDING OFFICER. Without objection, it is so ordered.
The amendment is as follows:
At the end of the language proposed to be stricken, insert the following:
This section shall become effective 6 days after enactment.
Mr. REID. I ask for the yeas and nays.
The PRESIDING OFFICER. Is there a sufficient second?
There appears to be a sufficient second.
The yeas and nays were ordered.
AMENDMENT NO. 4598 TO AMENDMENT NO. 4597
Mr. REID. I now have a second-degree amendment at the desk.
The PRESIDING OFFICER. The clerk will report.
The assistant legislative clerk read as follows:
The Senator from Nevada [Mr. REID] proposes an amendment numbered 4598 to amendment No. 4597.
Mr. REID. I ask unanimous consent that reading of the amendment be dispensed with.
The PRESIDING OFFICER. Without objection, it is so ordered.
The amendment is as follows:
In the amendment, strike ``6'' and insert ``4''.
CLOTURE MOTIONS
Mr. REID. I have four cloture motions at the desk: on the Johanns second-degree amendment, the Nelson first-degree amendment, the substitute, and the bill.
The PRESIDING OFFICER. The cloture motions having been presented under rule XXII, the Chair directs the clerk to read the motions.
The legislative clerk read as follows:
Cloture Motion
We, the undersigned Senators, in accordance with the provisions of rule XXII of the Standing Rules of the Senate, hereby move to bring to a close debate on Johanns amendment No. 4596.
Harry Reid, Patrick J. Leahy, Dianne Feinstein, Charles E. Schumer, Herb Kohl, Joseph I. Lieberman, Jeff Bingaman, Barbara A. Mikulski, Richard J. Durbin, Al Franken, Byron L. Dorgan, Mark Begich, Benjamin L. Cardin, Amy Klobuchar, Kirsten E. Gillibrand, Jeanne Shaheen, Kay R. Hagan.
Cloture Motion
We, the undersigned Senators, in accordance with the provisions of rule XXII of the Standing Rules of the Senate, hereby move to bring to a close debate on amendment No. 4595.
Harry Reid, Tim Johnson, Richard J. Durbin, Barbara Boxer, Al Franken, Byron L. Dorgan, Patty Murray, Robert P. Casey, Jr., Jon Tester, Jack Reed, Kay R. Hagan, Jeanne Shaheen, Patrick J. Leahy, Christopher J. Dodd, Bill Nelson, Tom Harkin.
Cloture Motion
We, the undersigned Senators, in accordance with the provisions of rule XXII of the Standing Rules of the Senate, hereby move to bring to a close debate on the Reid substitute amendment No. 4594.
Mary L. Landrieu, Max Baucus, Dianne Feinstein, Patty Murray, Charles E. Schumer, Christopher J. Dodd, Al Franken, Robert P. Casey, Jr., Maria Cantwell, Sheldon Whitehouse, Byron L. Dorgan, Benjamin L. Cardin, Ron Wyden, Kent Conrad, Roland W. Burris, Jeff Merkley, Debbie Stabenow.
Cloture Motion
We, the undersigned Senators, in accordance with the provisions of rule XXII of the Standing Rules of the Senate, hereby move to bring to a close debate on H.R. 5297, the Small Business Lending Fund Act of 2010.
Mary L. Landrieu, Max Baucus, Dianne Feinstein, Patty Murray, Charles E. Schumer, Christopher J. Dodd, Al Franken, Robert P. Casey, Jr., Maria Cantwell, Sheldon Whitehouse, Byron L. Dorgan, Benjamin L. Cardin, Ron Wyden, Kent Conrad, Roland W. Burris, Jeff Merkley, Debbie Stabenow.
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Mr. REID. I ask unanimous consent that the mandatory quorum calls be waived.
The PRESIDING OFFICER. Without objection, it is so ordered.
MOTION TO COMMIT WITH AMENDMENT NO. 4599
Mr. REID. Mr. President, I have a motion to commit with instructions at the desk, and I ask that it be stated.
The PRESIDING OFFICER. The clerk will report.
The assistant legislative clerk read as follows:
The Senator from Nevada [Mr. REID] moves to commit the bill to the Finance Committee with instructions to report back forthwith with an amendment numbered 4599.
The amendment is as follows:
At the end, insert the following:
The Finance Committee is requested to study the impact of changes to the system whereby small business entities are provided with all opportunities for access to capital.
Mr. REID. Mr. President, I now ask for the yeas and nays.
The PRESIDING OFFICER. Is there a sufficient second?
There appears to be a sufficient second.
The yeas and nays were ordered.
AMENDMENT NO. 4600
Mr. REID. Mr. President, I have an amendment to the instructions at the desk.
The PRESIDING OFFICER. The clerk will report.
The assistant legislative clerk read as follows:
The Senator from Nevada [Mr. REID] proposes an amendment numbered 4600 to the instructions (amendment No. 4599) of the motion to commit.
The amendment is as follows:
At the end, insert the following:
``and the economic impact on local communities served by small businesses.
Mr. REID. Mr. President, I ask for the yeas and nays.
The PRESIDING OFFICER. Is there a sufficient second?
There appears to be a sufficient second.
The yeas and nays were ordered.
AMENDMENT NO. 4601 TO AMENDMENT NO. 4600
Mr. REID. Mr. President, I have a second-degree amendment at the desk.
The PRESIDING OFFICER. The clerk will report.
The assistant legislative clerk read as follows:
The Senator from Nevada [Mr. REID] proposes an amendment numbered 4601 to amendment No. 4600.
The amendment is as follows:
At the end, insert the following:
``and its impact on state and local governments.
Mr. REID. I suggest the absence of a quorum.
The PRESIDING OFFICER. The clerk will call the roll.
The assistant legislative clerk proceeded to call the roll.
Mr. REID. Mr. President, I ask unanimous consent that the order for the quorum call be rescinded.
The PRESIDING OFFICER. Without objection, it is so ordered.
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