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CUNA continues pursuit of MBL opportunities
WASHINGTON (2/15/10)--While Sens. Max Baucus (D-Mont.) and Charles Grassley (R-Iowa) released a bipartisan jobs bill last week, Sen. Harry Reid (D-Nev.) dismissed it in favor of his newly-released jobs amendment that he hopes will be attached to H.R. 2847, the Jobs For Main Street Act. Reid's substitute amendment, the Hiring Incentives to Restore Employment (HIRE) Act, introduced last week, includes tax credits for businesses that create jobs by granting employers social security payroll tax exemptions for any person they hire this year that has been unemployed for at least two months. The dismissed Baucus/Grassley jobs bill included significant defined benefit pension plan funding relief for employers, and there is a chance that this funding relief could be included in a later bill. Credit Union National Association (CUNA) Senior Vice President of Legislative Affairs John Magill said that CUNA is aware that the Congress will continue to discuss job creation legislation as the year wears on, and CUNA "will continue to work to get member business lending (MBL) legislation on one of those legislative vehicles." MBL-related legislation remains active in both the House and the Senate. The bills, which were introduced late last year by Sen. Mark Udall (D-Colo.) and Rep. Paul Kanjorski (D-Pa.), would increase the credit union MBL cap to 25% of assets and raise the "de minimis" threshold for MBLs to $250,000. Both pieces of legislation have bipartisan support.
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