House OKs Small-Business Tax Cut Bill Despite Veto Threat

Law360, New York (April 19, 2012, 8:54 PM EDT) -- The U.S. House of Representatives on Thursday passed a Republican-sponsored $46 billion small-business tax cut despite a veto threat earlier this week from the White House.

In a 235-173 mostly party-line vote, the House passed H.R. 9, the Small Business Tax Cut Act, which will grant a 20 percent tax cut to businesses with fewer than 500 employees.

House Majority Leader Eric Cantor, one of the bill’s 43 sponsors, said the legislation would benefit 22 million small businesses and create 100,000 new jobs.

"Our bill puts...
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