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Sunday, October 3, 2010

Obama -- More Tax Cuts for Small Businesses

Late last month, President Barack Obama signed legislation that will cut taxes and provide credit help for small businesses. It is yet another step that the government is taking to continue programs that spur job growth in the U.S. economy.

The Small Business Jobs Act is now the fourth jobs measure that Congress has enacted this year -- it is likely to be the last before the Nov. 2 midterm congressional elections.

The bill provides billions of dollars worth of tax cuts over the next 12 months, with the bulk coming through “bonus depreciation.” The measure allows companies to more quickly write off the cost of business-related purchases. The bill also revives stimulus provisions that cut fees and increase limits on loan guarantees offered by the government's Small Business Administration.

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