Rival small business tax cut bills fail in Senate

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Two bills that would have cut taxes for small business died in the Senate Thursday.

The Democrat version of the bill, which was defeated in a 53-44 vote, would have offered a 10% income tax credit to small businesses that hire new workers or provide raises to existing workers. It also would have helped companies quickly write off purchases on new equipment, the Washington Post reported.

The Republican version, which was voted down on a 24-73 Senate vote, had passed the House in April. Their version would have given a 20% tax cut to businesses with fewer than 500 workers.

Small nursing home operators, which often qualify as small businesses, stood to benefit from both proposals.

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