President Obama signed the Small Business Jobs Act of 2010 (HR 5297) yesterday.
The Act expands loan programs through the SBA, strengthens small business preference programs for federal government projects, provides export incentives, and offers a variety of small business tax breaks. Many of the provisions are effective immediately.
These changes are in effect for 2010 and provide some great tax planning opportunities:
- Increased section 179 expensing
- Extension of 50% first-year bonus depreciation
- Zero capital gain tax rate from IRC Sec. 1202 small business stock
- Increased IRC Sec. 195 deduction for business startup expenses
- Five-year carryback of general business credits
- New deduction for self employed health insurance costs on the Schedule C
- Removal of cell phones from the definition of listed property
You can read more details in this Journal of Accountancy article on the House Bill.
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