Las Vegas chamber backs small biz bill

WASHINGTON -- The Las Vegas Chamber of Commerce on Tuesday called on the Senate to quickly pass a bill that aims to spur investment and free up capital for small businesses.

Senate Majority Leader Harry Reid of Nevada, said Democrats "are doing our best to work through that" bill. He said the Senate may begin to debate amendments today but did not indicate when it would be finished.

The bill would create a $30 billion lending fund run through the Treasury Department to increase available credit to small firms.

It also contains a variety of tax breaks worth about $12 billion designed to boost investment, including a "bonus depreciation" provision that allows equipment to be written off more quickly.

"This legislation is fully paid-for and will help small business owners grow their firms by cutting taxes and providing greater access to capital," Reid said.

"Small businesses need more help to get back on their feet, and they need to as quickly as possible," Matt Crosson, the chamber president and chief executive officer, said in urging quick action.

Sen. John Ensign, R-Nev., said he favored the bill and would probably vote for it "unless any bad things get put in it." He said he and Sen. John Kerry, D-Mass., will propose an amendment to repeal a 1989 law that requires businesses to keep use logs of cell phones they provide to employees in order to claim a deduction.

He maintained the law was outdated now that cell phones and hand-held communications devices are no longer perks, but rather routine costs of doing business.

Contact Stephens Washington Bureau Chief Steve Tetreault at stetreault@stephensmedia.com or 202-783-1760.