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The latest on the jobs bill in the Senate, according to Senator Jeff Smith, D-St. Louis, is that the parties to the disagreement have been negotiating. They’ve got it all worked out except for one snag, but it’s a deal killer for Smith.

They worked it out that Crowell would relent in his insistence that all tax credits be subject to the annual appropriations process. But the talks have broken down so far on whether to exempt small projects–small meaning $1.3 million or less–from the proposed cap on historic tax credits. Smith said:

“I want to make sure that rehabbers in neighborhoods all over the city have a chance to circumvent the cap and don’t get crowded out by large projects, so I need to have some exemption.”

Updates as I get them.