FY 2010 Budget Update
Friday, April 03, 2009
Posted by: Oriana Camacho
Last night, both the House and the Senate adopted their versions of the FY2010 budget resolution. The House and Senate Budget Committees will begin reconciling the two proposals during the recess in anticipation of the conference committee meeting shortly after returning from recess on April 17th.
The House budget, H.Con.Res.85, passed by a vote of 233 yeas-196 nays without amendments. The bill contains reserve funds for healthcare reform; to increase energy independence; for middle class tax relief including extending small business tax relief; to reform of AMT tax; and to reform the estate tax.
The Senate version, S.Con.Res.31, passed by a vote of 51 yeas- 48 nays, and had 251 amendments. The bill contains reserve funds to transform and modernize America’s healthcare system; to invest in clean energy; to invest in infrastructure and education; and to reform defense acquisition and contracting.
WIPP has been active in a number of the issues listed in the amendments below.
Small Business Amendments:
Estate Tax - Lincoln Amendment No.873, to create a deficit-neutral reserve fund for estate tax relief. This amendment would exempt estates below $7 million (individuals) and $10 million (couples) and lower the top estate tax rate from 45 percent to 35 percent. A deficit-neutral reserve fund means a fund that is fully paid for and will not add to the deficit.
Small Business Tax Rates- Cornyn Amendment No. 806, to protect small businesses from higher taxes. This amendment is a budget point of order requiring 60 votes for any legislation that would raise taxes on small businesses.
Small Business Tax Rates - Snowe Amendment No. 773, to provide for a deficit-neutral reserve fund to provide for the extension of the top individual tax rates for small businesses after 2010. The amendment would create a deficit-neutral reserve fund for the tax cuts of 2001 to extend those tax rates to small businesses that earn 50 percent of their income from small business.
Child Care Grants
- Conrad (for Roberts) Amendment No. 839, to fully fund the small business child care grant program under section 8303 of the Small Business and Work Opportunity Act of 2007. Click here
to read more about the child care grant program.
Health Care -Conrad (for Lincoln/Snowe) Amendment No. 876, to ensure that health coverage is affordable to small businesses and individuals who are self-employed.
Energy Star Program
- Conrad (for Snowe/Landrieu) Amendment No. 940, to establish a deficit-neutral reserve fund to require a certain portion of funding for the Energy Star Program of the Environmental Protection Agency to be allocated to the Energy Star for Small Business Program. This program will help small businesses perform energy efficient upgrades. Click here
to read about the Energy Star for Small Business Program.
Click here to read the House budget
Click Here to read the CRS summary of the House budget
Click here to read the Senate budget
Click Here to read the CRS summary of the Senate budget