On September 27th, President Obama signed the Small Business Jobs and Credit Act of 2010. According to the Senate Finance Committee, the provisions of the bill are geared towards providing small businesses with access to capital, encouraging investments, promoting entrepreneurship and promoting small business fairness.
A FEW HIGHLIGHTS OF THE BILL INCLUDE:
- expanding eligibility for SBA loans and raising maximum loan amounts; waiving SBA loan fees through December 31st of this year.
- extension of 50% bonus depreciation;
- establishing a new $30 billion Small Business Lending Fund for community banks to increase small business lending;
- eliminating capital gains tax on small business investments if the investment is held for 5 years;
- extension and expansion of small businesses ability to immediately expense capital investments
- an increase in the deduction for entrepreneurs start up expenses and a five year carryback of general business credits.