PaintSquare.com
      | Connect Follow us on Twitter Like us on Facebook
About | Subscribe | Advertise
  

 

Resource Guide Extreme Temperatures

Paint and Coatings Industry News

Main News Page


New Law Steps Up Tax Breaks, Contractor Rules

Friday, September 24, 2010

Comment | More

New tax benefits, changes in capital lending, and a tighter rein on slow-paying contractors are all part of the Small Business Jobs and Credit Act of 2010 that President Obama is expected to sign Monday (Sept. 27).

The U.S. House voted Thursday (Sept. 23) to approve the legislation (H.R. 5297), which contains a wide range of small-business financial supports, including credit access, regulatory relief, management assistance, retirement fund changes, crackdowns on Medicare fraud, contractor integrity issues, and export promotion.

The bill, sent to Obama for his signature Monday, establishes a federal Small Business Lending Fund, a seven-year State Small Business Credit Initiative, and a Small Business Early-Stage Investment Program, and provides numerous tax-relief provisions known collectively as the Small Business Jobs Tax Relief Act of 2010.

Key Provisions

The legislation allows businesses to, among other things:

• Expense up to $500,000 on capital expenditures in 2010 and 2011. The write-off phases out for capital expenditures of $2 million or more.

• Write off up to $250,000 on improvements to qualified rental, restaurant and retail properties in 2010 and 2011.

• Write off 50% of the cost of new tangible depreciable property, including qualified construction equipment, purchased and placed in service in 2010.

• Deduct from self-employment tax the cost of health insurance incurred in 2010 by business owners and their family members.

• Deduct or depreciate the cost of cell phones and similar equipment without the record-keeping needed to substantiate their “business purpose.”

• Benefit from bonus depreciation for contracts not completed in the same year they are entered.

The bill also requires prime contractors that develop small-business contracting plans to explain to contracting officers any reduced or late payments made to subcontractors.

Contracting officers, in turn, will be required to record and disseminate information about prime contractors that have “a history of unjustified, untimely payments to subcontractors.”

   

Tagged categories: Business matters; Business operations; Government; Laws and litigation

Comment Join the Conversation:

Sign in to our community to add your comments.

ABKaelin, LLC
Quality is our bottom line

Services include:
• Environmental, Health &
  Safety
• Contractor QP Certification
• Quality Assurance Programs
  and Auditing
• SSPC C3/C5 and other
  Training
• Coatings
• Design/Construction
See our website at abkaelin.com or contact us today abkaelin@comcast.net


BASF
New resins from BASF will have metals loving water:

Excellent corrosion resistance, low VOC, high gloss, thin films basf.us/industrialcoatings
polyorders@basf.com
800-231-7868


Wasser High-Tech Coatings Inc.
Wasser Coatings Protect

Wasser Coatings offer a complete range of Moisture Cure Urethane (NEPCOAT approved) systems in addition to Polyurea membranes and linings(NSF).
www.wassercoatings.com


SAFE Systems, Inc.
Enduroguard -
The Tough Cable
for a Tough Industry.

Reduce maintenance costs and down time, increase job site safety with Enduroguard Cable. Available exclusively from SAFE Systems. UL listed, flexible, abrasion resistant and cut resistant.


GMA Garnet USA
GMA Garnet™
Natural Abrasives

- Superior cleaning
  performance
- Even Profile
- Low Dust
- Cost-Effective
- Environmentally friendly
- Recyclable up to 5 times
Tel : +1 832 243 9300


International Paint LLC

International Paint Engineered Coatings

Learn about our solutions for:
  • Structural Steel
  • Piping & Equipment
  • Storage Tanks
  • Pressure Vessels
  • Secondary Containment


    Novatek Corporation
    Dustless Coatings Removal

    Strip it, clean it, and profile it,
    all dust free! High production
    rates and Blast like finishes.
    Comply with new lead
    standards.


    Elcometer, Inc.
    Elcometer 266
    DC Holiday Detector

    Easily Finds Pinholes, Flaws & Thin Spots; Safer, More Reliable Testing; Voltage-Adjustable Keypad; Dual-Safety Switch On Handle.


    Dampney Co., Inc.
    Solar Coating

    High Temperature Resistant for Solar Panels/Collectors/Tubes. Achieve selectivity with the economy and ease
    of application of a paint.

  •  
     
     
    Technology Publishing

    The Technology Publishing Network

    The Journal of Protective Coatings & Linings (JPCL) PaintSquare
    Durability + Design Paint BidTracker

     
    EXPLORE:      JPCL   |   PaintSquare News   |   Interact   |   Buying Guides   |   Webinars   |   Resources   |   Classifieds
    REGISTER AND SUBSCRIBE:      Free PaintSquare Registration   |   Subscribe to JPCL   |   Subscribe to PaintSquare News
    MORE:      About PaintSquare.com   |   Privacy policy   |   Terms & conditions   |   Site Map   |   Search   |   Contact Us
     

    © Copyright 2000-2015, Technology Publishing / PaintSquare, All rights reserved
    2100 Wharton Street, Suite 310, Pittsburgh PA 15203-1951; Tel 1-412-431-8300; Fax 1-412-431-5428; E-mail webmaster@paintsquare.com