Tuesday, March 30, 2010
House Passes Small Business Relief Bill
The House passed a Small Business Relief Bill today that could have an impact on your business if it is approved by the Senate. According to a summary of the bill written by Women Impacting Public Policy (WIPP), the bill contains a number of provisions that provide tax relief to small businesses, including:
· 100% exclusion of capital gains tax on small business stock acquired between March 15, 2010 and January 1, 2012
· providing tax write-offs for SBA-backed loans and government-backed loans that use real property as collateral
· increasing the amount a business can write-off for start-up expenditures
· decreasing reporting penalties from a flat fee to a proportion of income not reported
The bill will now go to the Senate. Do your senators know how the bill will impact your business?