Tuesday, March 17

President Barack Obama on small business March 16 2009

President Barack Obama pledges help for American small business in an effort to invigorate the US Economy. Increasing the New Capitol Provision for write offs to $250,000 and a 5 year carry back on losses in an effort to increase the small business operational cash flow.

This is also the speech that President Barack Obama states that he is "choked up with anger" over the AIG bonuses. The AIG portion of the speech starts around the 12 minute mark in the time line.

Incentives to Invest in Manufacturing Plants and Equipment by Allowing Small Businesses to Write Off Up to $250,000 of Investment.

The Recovery Act allows small businesses to immediately write off up to $250,000 of qualified investment in 2009, providing an immediate tax incentive to invest and create jobs.

Establishing a Five-Year Carry-back Provision to Increase Tax Refunds for Small Businesses.

The IRS will issue guidance for a provision in the Recovery Act that allows businesses with gross receipts of up to $15 million to "carry back" their losses for up to five years, effectively allowing them a rebate on taxes paid in previous years.

The Joint Committee on Taxation estimates that this measure will increase liquidity for small businesses by $4.7 billion by September 30, 2009.

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