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Showing posts from October, 2010

Small Business Jobs and Credit Act of 2010 Includes Beneficial Tax Provisions to Fuel Business Growth | Business Tax Advisor

I invite you to read my October 4, 2010 AllBusiness.com post, Small Business Jobs and Credit Act of 2010 Includes Beneficial Tax Provisions to Fuel Business Growth Business Tax Advisor.

In this post, I summarize several of the federal tax provisions that were enacted as part of H.R. 5297, The Small Business Jobs and Credit Act of 2010. This recently enacted federal legislation contains several significant tax provisions which aim to encourage investment, promote entrepreneurship and provide small business relief, such as the increase in the Section 179 expense deduction and the extension of federal bonus depreciation. Although these new provisions may benefit a taxpayer's federal tax position, the same benefits may not be realized for state tax purposes, as many states have "decoupled" from certain federal provisions, such as bonus depreciation. Look for a future post as I discuss the impact of The Small Business Jobs and Credit Act on state taxability.