>Sonora / Tuolumne News, Sports, & Weather, Angels Camp, Twain Harte, Jamestown | Union Democrat

News Classifieds Web
web powered by Web Search Powered by Google

Home arrow News arrow Business arrow Obama signs Small Business Jobs Act of 2010 bill

Obama signs Small Business Jobs Act of 2010 bill

    President Barack Obama signed into law Monday a bill that extends and expands tax breaks and other benefits to small businesses in an effort to encourage businesses to invest and grow.
    The bill, called the Small Business Jobs Act of 2010, immediately extends certain provisions of the Small Business Administration Recovery Act, including lending to small businesses and eight additional tax cuts meant to spur investment.
        It creates $55 billion in tax relief effective for this tax year and renews a loan program that provided low-cost loans to thousands of small businesses.
    The bill cuts capital gains taxes on small business investment to zero, increases the amount of investment that businesses can write off on taxes, deducts health insurance costs for the self-employed and increases deductions for start-up expenses.
    It also simplifies reporting certain deductions, like those for business cell phones, and reduces penalties on businesses that fail to report certain tax transactions by converting the penalty from a flat rate to a percentage of benefits.
    The renewal will make loans immediately available to 1,400 businesses on waiting lists that have already been approved by their banks, and doubles the size limits of many of the most popular SBA loans.
    In another effort to promote lending, the bill creates a Small Business Lending Fund designed to help small banks lend to small businesses.
    In remarks at the signing, President Obama described the bill as “the most significant step on behalf of our small businesses in more than a decade,” and promised that it would bring immediate relief to small businesses.
    The president also thanked supporters from both sides of the aisle who helped push the bill through, but couldn’t resist a barb to Republican senators that blocked the bill for months.
    “I regret that this was blocked for months by the Republican minority in the Senate, and that needlessly delayed this relief,” he said.
    Small businesses, or businesses with fewer than 500 employees, are pointed to by both parties as the engine of economic growth in America.
    Small businesses account for 65 percent of new jobs created in the past 17 years and employ about half of the nation’s private sector work force, according to the US Department of Commerce.
    They also provide half of the nation’s non-agricultural, private gross domestic product gains.

    Contact Ashley Archibald at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it or 588-4526.

Follow UnionDemocrat.com

Get Today's Top Headlines to your inbox

The Union Democrat print edition

The Union Democrat 12/01/15

View Paper

The Union Democrat is now online in a Replica E-edition form and publishes Tuesday through Saturday. E-Edition or Print Plus subscribers have full access.


If you are not a current subscriber, subscribe today for immediate access. Circulation: 209-533-3614

View all The Union Democrat print publications

Weekender by The Union Democrat

Weekly Arts and entertainment guide for Calaveras and Tuolumne counties

Weekender 11/26/15

View Guide

Available online every Friday or get it early in Thursday's print edition.

View past copies of the weekender

Local / Sports / Business / Stocks / News of Record / State / Nation/World / Obituaries / Submit News
Editorials / Letters
Union Democrat Photos / Community Photos /
Search Classifieds / Jobs / Autos / Homes / Rentals / Place an Ad
Online Extras
Weather / Local Business Links / Community Links / Photo Reprints
Union Democrat
About / Contact / Commercial Printing / Subscriptions / Terms of Use / Site Map

© Copyright 2001 - 2015 Western Communications, Inc. All rights reserved. By Using this site you agree to our Terms of Use