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Senate Approves JOBS Act, Sending it to House

Monday, May 17, 2004 - 1:45AM

Breaking a stalemate, the U.S. Senate on May 11 voted 92-5 on the Jumpstart Our Business Strength, JOBS Act (S. 1637), which contains a deduction of $2.25 per square foot for energy efficiency investments in new and renovated buildings, a tax "extenders" package that would reinstate brownfields cleanup cost deductibility (under Section 198 of the tax code) and extend it for two years, and an agreement to drop a provision in the bill that would have repealed the 10 percent rehabilitation tax credit for non-historic buildings.

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