Small Business Jobs Act of 2010 Becomes Law
10/3/2010
On September 16th, the Senate (by a vote of 61-38) passed the Small Business Lending Funding Act, as amended by the Senate. The tax title of this bill is called the Small Business Jobs Act of 2010. On September 23rd, the House (by a vote of 237 to 187) passed the bill without change. The President signed the bill into law on September 27th.
The small business jobs bill includes a number of important tax provisions, including liberalized and expanded expensing for 2010 and 2011, revived bonus depreciation for 2010, five-year carryback of unused general business credits for eligible small businesses, removal of cell phones from the listed property category and liberalized Code Sec. 6707A penalty rules.
If you have questions about the Small Business Lending Funding Act, contact Bob Abdo at 612-336-9334 or rabdo@lommen.com.