June 2010

House Passes Small Business Tax Relief Bill

From WebCPA.com.

The House approved the Small Business Jobs Tax Relief Act of 2010 on Tuesday by a bipartisan majority of 247-170.

The legislation would provide tax cuts for small businesses to help them grow and create new jobs.  H.R. 5486 is companion legislation to H.R. 5297, the Small Business Jobs and Credit Act, which will enhance lending opportunities for small businesses. Both pieces of legislation are offset by closing some existing tax loopholes.

“This bill represents a continuation of our work to spur job creation and improve the quality of life in our communities,” said Ways and Means Committee Chairman Sander M. Levin, D-Mich., in a statement.  “Small businesses need capital to create jobs and lead our economic recovery, and these bills contain important tax cuts and lending opportunities that will help give small business owners the resources and flexibility they need to help their businesses grow.”

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This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.