Block on Trump's Asylum Ban Upheld by Supreme Court
A small business jobs bill was passed by the house this Tuesday and is now on its way to the Senate. The Small Business Jobs Tax Relief Act of 2010, was sponsored by Rep. Sander Levin of Michigan. It passed the house by a vote of 247 to 170, largely by house Democrats on party lines. The fate of the bill in the Senate is unknown, but it is likely to be hotly contested by Senate Republicans.
As discussed by AccountingWeb, several aspects of the bill are worth noting:
1) The bill has a tax provision that is designed to encourage investment in small businesses and to enhance business cash flow in the early stages of the business. The provision is designed to benefit C corporations with gross assets that are less than $50 million dollars.
2) The bill allows the tax deduction for trade or business start-up expenses up to $20,000 in 2010 and 2011. Previously, the limit for such deductions was capped at $5,000, so it represents an increase of 400% in allowable tax deductions for small businesses.
3) The bill will create a Small Business Borrower Assistance Program designed to assist small businesses that cannot meet obligations due to creditors by excluding from gross income amounts that are received under the new program.
4) The bill provides an exception to the "at-risk" rules for certain loans guaranteed by the Small Business Administration.
5) Grantor retained annuity trust assets would be expanded to require that the right to receive fixed amounts from an annuity last for a term of not less than 10 years, that such fixed amounts would not decrease during the first 10 years of the annuity term, and that the remainder interest must have a value greater than zero when transferred.
6) Any processed fuel with significant "acid numbers" would be excluded from eligibility under the program for any tax credit on alcohol used as fuel.
7) The estimated revenue effects to small businesses over the next ten years will include tax incentives totaling $3.6 billion.