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Those small business owners anxiously awaiting a boost from the Federal Government now have reason to be hopeful. In a 66-33 vote, the Senate agreed to begin debate on a package that would provide tax incentives and boost lending to small business.

This procedural vote introduces a house-passed initiative to establish a $30 billion fund for small business loans, and to eliminate capital gains taxes on some small business investments. There would also be additional measures added to the bill including doubling expensing limits to $500,000 and other tax breaks including an extension of the 50% write-off of equipment purchases in the first year.

The measure is expected to cost in the neighborhood of $12 billion, which will be offset with new revenue.

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