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Small Business Jobs Act now law

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About $12 billion is available in tax relief to help small businesses invest in their own firms.

| October 5, 2010

The Small Business Jobs Act of 2010 was signed by President Obama in late September and is designed to provide important resources to help small businesses create jobs and to continue in the efforts for economic recovery.

The law will offer $14 billion more to lend support and tax breaks for entrepreneurs and small business owners and will extend the U.S. Small Business Administration's (SBA) recovery loans, according to an SBA release.

Recovery Act loans will be extended through Dec. 31, with the 90 percent guarantee and reduced fees. The new law, which expands the number of businesses eligible for SBA loans, offers higher limits and permanently increases microloan limits.

There also are temporary expansions to aid companies with working capital and commercial real estate refinancing, including the dealer floor plan pilot extension and expansion, and the small business intermediary lending pilot. Another new pilot program, with $25 million, provides grants that will help small businesses team up with each other to compete for larger and more complex federal government contracts.

In an effort to strengthen the ability of small businesses to compete for contracts, the law reaffirms parity among federal programs through equal treatment and more accountability, integrity and transparency, according to the SBA.

The Small Business Jobs Act also promotes small business exporting through the Export Express pilot program will become permanent and the new State Trade and Export Promotion Grants pilot.

About $12 billion is available in tax relief to help small businesses invest in their own firms and to create jobs through extension and expansion of eight tax cuts for:
    1. The highest small business expensing limit ever, of $500,000
    2. Carry-back provisions on net operating losses of up to 5 years
    3. Accelerated/bonus depreciation
    4. Zero capital gains taxes for those who invest in small businesses
    5. Increased deductions for start-ups
    6. Deductions for employer-provided cell phones
    7. Deductions for health insurance costs for the self-employed
    8. Limitations on penalties for errors in tax reporting that disproportionately affect small business.

Click here to read more about the law.



 

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