New Small Business Tax Cuts Support EntrepreneursSEATTLE - November 4, 2010 - After the Recovery Act passed in February of last year, the SBA was able to help about 70,000 small businesses get our Recovery loans to help keep their doors open, shelves stocked, and employees paid. It was a good investment. We leveraged a $680 million taxpayer investment in to more than $30 billion dollars lending to small businesses across American and here in our community.
Additionally, more than 1,300 banks and credit unions started making SBA loans again. This provided more points of access to capital at a critical time.
However, entrepreneurs needed additional tools to help keep our economic recovery on track. That's why the recent passage of the Small Business Jobs Act (SBJA) and the expanded $30 billion in lending support, and $12 billion in tax incentives intended to spur lending and get small businesses back on their feet is so important.
Specifically, the tax cuts are targeted to small business owners so that they can focus more on investing in their business and creating jobs. 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.
For more information about how the Small Business Jobs Act can help small businesses grow and succeed, go to www.sba.gov/jobsact. |
