The U.S. Senate Thursday passed the Small Business Jobs and Credit Act of 2010 on a 61-38 vote.
The Senate version of the legislation, H.R. 5297, would extend the Small Business Administration Dealer Floorplan Financing Program for three years, increase SBA loan caps for dealer floorplan financing to $5 million and eliminate SBA fees and make other improvements that will enhance credit availability.
The legislation also includes more than $12 billion in small-business tax relief and a $30 billion small business lending fund.
The bill now goes to the House, where it will likely pass without changes, according to the National Marine Manufacturers Association, which has been tracking the legislation. Once this occurs, it will move to President Obama's desk for his signature.
"This is a bill [the Marine Retailers Association of America] supported that would cut taxes and help provide loans to millions of small business owners, including boat dealers," MRAA chairman Ed Lofgren said in a statement. "Small business creates most of the job growth in our country."