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Today, President Obama will sign the Small Business Jobs Act, a bill that will give our nation’s small businesses support and incentives to help them grow and hire. The bill includes a series of small business proposals that the President put forth earlier this year, and small businesses will start benefiting from the bill on day one.
The President will be joined at the signing today by a group of small business owners who will benefit from the new legislation, some of whom the President has previously met with as he fought to pass this bill (their bios are below). He will also be joined by Small Business Administrator Karen Mills, Treasury Secretary Tim Geithner, and Members of Congress. The signing is today at 1:45 pm ET in the East Room at the White House. The signing is open press.
The Small Business Jobs Bill Will Provide Immediate Support for Small Businesses:
The bill immediately extends successful SBA Recovery Act provisions, meaning that within a few days, it will restart the SBA’s Recovery lending, beginning with the more than1,300 small businesses that have been waiting to get the credit they need – with thousands more benefitting in the coming weeks.
And the bill includes eight new small business tax cuts – all effective as of Monday, and applying to small businesses’ taxes for this year – providing an immediate incentive for businesses to make new investments and expand.
For example:
· if you are a small business and you buy new equipment, you can immediately write off the first $500,000 of your investments;
· if you are one of over one million eligible small businesses, key long-term investments in your company will be subject to zero capital gains taxes;
· if you are an entrepreneur and take a chance on a new idea, you can deduct the first $10,000 of your start-up costs;
· and if you are self employed you can deduct 100 percent of the cost of health insurance for you and your family from your self-employment taxes.
MORE DETAILS:
Eight Small Business Tax Cuts – Effective Today, Providing
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