U.S. SenateIn a letter to the U.S., Senate, the Specialty Equipment Market Association reported that it has asked the U.S. Senate to pass H.R. 5297, the “Small-Business Jobs and Credit Act,” designed to create a $30 billion base to provide banks with less than $10 billion in assets to access capital to lend to small businesses. The House passed the bill in June. “During the past two years, banking relationships have changed for many of our SEMA-member companies,” said Chris Kersting, SEMA president and CEO. “Businesses that have enjoyed years of profits and expansion have had loan requests rejected and credit limits restricted. The reduction in access to capital is prolonging a stagnant economy and producing unnecessary anxiety for businesses and consumers alike.” The bill also includes an extension of the bonus depreciation program, which allows businesses to write off 50% of the cost of newly purchased depreciable property, as was allowed in 2008 and 2009. A one-year renewal would encourage companies to invest in newer, more-efficient equipment and spur sales and create jobs. The aftermarket association joins National Association of Home Builders, Independent Community Bankers of America, American Institute of Architects, National Association of Women Business Owners, Biotechnology Industry Organization, National Association of Realtors, National Association of Affordable Housing Lenders, Precision Metalforming Association and National Tooling and Machining Association in support of the legislation. The cost of the bill is $12 per American during the 2011-2015 period.