Rep. Carolyn Maloney (D-NY) hailed the signing of the Small Business Jobs Act today by President Obama. The final version of the bill was passed by the House last week after modifications by the Senate.
"This new law will help small businesses in myriad ways," Maloney said. "It immediately extends the successful Small Business Administration's Recovery Act provisions, re-starting the program's lending, beginning with the more than 1,300 small businesses that have been waiting to get the credit they need -- with thousands more benefitting in the coming weeks."
"The bill also includes eight new small business tax cuts beginning today, which apply to small businesses' taxes for this year-- providing an immediate incentive for businesses to make new investments and expand."
Specific provisions of the Small Business Job Act include:
-- A small business which buys new equipment can immediately write off the first $500,000 of such investments;
-- For over one million eligible small businesses, certain long-term investments will be subject to zero capital gains taxes;
-- An entrepreneur who takes a chance on a new idea can deduct the first $10,000 of start-up costs;
-- Those who are self employed can deduct 100% of the cost of health insurance from self-employment taxes.
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