The text of the Senate tax bill is now available, and it is attached.
Section 760 of the bill would extend the 100% exclusion for investments in QSB stock until the end of next year.
This bill was introduced by Senator Reid yesterday as Senate Amendment 4753. The first page of the Congressional Record where it appears can be found here.
See also this press release summarizing the bill from the Senate Finance Committee.
From the summary regarding Section 1202 qualified small business stock:
Exclusion of small business capital gains. Generally, non-corporate taxpayers may exclude 50 percent of the gain from the sale of certain small business stock acquired at original issue and held for more than five years. For stock acquired after February 17, 2009 and on or before September 27, 2010, the exclusion is increased to 75 percent. For stock acquired after September 27, 2010 and before January 1, 2011, the exclusion is 100 percent and the AMT preference item attributable for the sale is eliminated. Qualifying small business stock is from a C corporation whose gross assets do not exceed $50 million (including the proceeds received from the issuance of the stock) and who meets a specific active business requirement. The amount of gain eligible for the exclusion is limited to the greater of ten times the taxpayer’s basis in the stock or $10 million of gain from stock in that corporation. The provision extends the 100 percent exclusion of the gain from the sale of qualifying small business stock that is acquired before January 1, 2012 and held for more than five years.