President Obama has proposed to Congress a $48 billion legislative package to aid small-business growth.
According to the Automotive Service Association’s rundown on the proposal, it includes:
• Eliminates taxes on capital gains from investments in small businesses
• A 10% tax credit for companies that create jobs or increase wages this year
• Doubles the amount of startup expenses entrepreneurs can deduct from their taxes, from $5,000 to $10,000
• Terminates country-specified immigration caps so that the U.S. can attract highly skilled workers
•Extends 100%, first-year depreciation for one year, effective for qualified property acquired and placed in service before Jan. 1, 2013
• And a series of measures that will help businesses access financing.
Obama addressed small-business growth in his State of the Union speech, saying: “Most new jobs are created in startups and small businesses. So let’s pass an agenda that helps them succeed … tear down regulations that prevent aspiring entrepreneurs from getting the financing to grow. Expand tax relief to small businesses that are raising wages and creating good jobs. Both parties agree on these ideas.”