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President Obama Announces Proposals Helping Small Businesses Expand Investment, Hire Workers and Access Credit

Written By: the WHITE HOUSE - Office of the Press Secretary - President Barack Obama
Dec 9, 2009
Article #69

December 8, 2009 - Obama Announces Proposals to Accelerate Job Growth and Lay the Foundation for Robust Economic Growth

1. Helping Small Businesses Expand Investment, Hire Workers and Access Credit

  • Tax cuts to support additional business investment next year – with a particular focus on struggling small businesses – with much of the cost recouped over time.
  • Zero capital gains for small businesses: To encourage investment by small businesses and improve their access to capital, the Administration is calling for a one-year elimination of the tax on capital gains from new investments in small business stock. The Recovery Act allowed a 75% exclusion from capital gains taxes on small business investments.
  • Extension of enhanced expensing provisions for small businesses: The Administration is also calling for the extension through 2010 of the Recovery Act provision that allows small businesses to immediately expense up to $250,000 of qualified investment.
  • Extension of Recovery Act bonus depreciation tax incentive: To give businesses an incentive to invest, the Administration is calling for extending the Recovery Act provision that accelerates the rate at which business can deduct the cost of capital expenditures. This provision will put more than $20 billion in the hands of businesses in 2010, while enabling Treasury to recoup much of the funding as business regain their strength.
  • A new tax cut for small businesses to encourage hiring in 2010. Although the economy is now growing again, many businesses remain reluctant to hire. In this economic environment, an employment tax cut for small businesses has the potential to accelerate the pace of hiring. The Administration believes it is important to provide a short-term tax incentive to encourage small business hiring and support employment, and will work with Congress to design a provision that accomplishes these goals.
  • Eliminating fees and increasing guarantees for small businesses that borrow through major SBA programs in 2010. The President called for the elimination of fees and an increase in guarantees for loans through the Small Business Administration, a measure that extends provisions in the Recovery Act through the end of 2010. In addition, the President called for continued Treasury efforts to use the TARP to support small business lending.

Click Here! to See the Press Release Direct from the Office of the Press Secretary at the White House - http://www.whitehouse.gov/the-press-office/president-obama-announces-proposals-accelerate-job-growth-and-lay-foundation-robust

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