Today President Barack Obama signed the Small Business Jobs and Credit Act of 2010 into law … every Democratic member of Congress from Virginia voted to create immediate incentives for businesses to make new investments, expand, and hire new employees … key provisions include:
— Small businesses receive a tax write-off on the first $500,000 of new equipment investments;
— More than a million eligible small businesses will be able to make key long-term investments that are subject to zero capital gains taxes;
— Entrepreneurs who take a chance on a new idea can deduct the first $10,000 of start-up costs; and
— The self-employed can deduct 100 percent of the cost of health insurance for themselves and their families from self-employment taxes.
You can read more about the legislation on the White House’s website.
P.S. — Have questions about the bill? This Wednesday, September 29th, at 2:00 p.m. Eastern Time, the White House and OPEN Forum are holding a live Q&A on the impact of this and similar legislation on small businesses. Tune in Wednesday at this link: http://www.openforum.com/whitehouse