U.S. Sen. Mike Johanns (R-Neb.) expressed his disappointment today following Senate passage of the Small Business Lending bill.
"This bill is not the right approach to help small businesses and create jobs," Johanns said. "My colleagues rejected a critical opportunity to help our job creators by eliminating a tax paperwork mandate in the health care law. You would think lawmakers would have learned from the chorus of discontent they heard about that mandate, but apparently not. Astonishingly, this bill slaps a new paperwork mandate on certain property owners at a time when we have a depressed real estate market and a slew of foreclosures. This is just one more example of how tone-deaf this Congress and Administration have been to the concerns of our job creators."
• The Small Business Jobs Act included a provision that would require taxpayers who receive rental income from real property and incur expenses equal to or greater than $600 per tax year to file information returns with the IRS and with their vendors.