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SMALL BUSINESS JOBS ACT
The bill signed on September 27, 2010 by the President is aimed at stimulating small business growth by providing tax breaks and better access to credit. Some of the top benefits will include allocating $730 million to fund more than 1,400 businesses with loans pending in the Recovery Loan Queue. Additionally the allowable maximum loan size for SBA loan programs will increase substantially and support to state small business lending programs will be boosted by $15 billion.

Along with this new access to loans, small business tax cuts will also help stimulate business growth. There will be no taxes on capital gains from key small business investments. Amount of business investment write-off increases to $500,000 this year and phasing out at $2 million. There will be an extension of the 50% bonus depreciation through 2010 so all businesses can make new investments now and experience accelerated tax cuts for capital expenditures.

Another aspect of the Small Business Jobs Act are deductions. Tax deductions will be available for health insurance costs this year that will reduce the amount of self-employment tax obligations. Cell phone business use will be easier to deduct. Start-up expenditures deduction immediately increases from $5,000 to $10,000 for entrepreneurs who start a new business this year. Small business carry back for general business credits is allowed to offset five years of taxes.

For more information visit www.whitehouse.gov

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