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President Signs Small Business Jobs Act with $12 Billion in Tax Incentives

On September 27, 2010, President Obama signed into law a package of enhanced business tax incentives.  The new law extends bonus depreciation, extends and doubles Code Sec. 179 expensing, provides for 100 percent gain exclusion for qualified small business stock, relaxes the S corp built-in gain conversion rules, extends the carryback period for eligible small business credits to five years, removes cell phones from listed property, enhances the deduction for start-up expenses, provides retroactive Code Sec. 6707A penalty relief, and allows a self-employment FICA tax deduction for 2010 health insurance costs.  The tax title’s “small business” label does not reflect its true scope; its provisions impact businesses of many sizes.  For more information on the Small Business Jobs Act, you can view a full article here or contact a Hayashi & Wayland tax professional.