PaintSquare.com


The First Word in Protective & Marine Coatings

A Product of Technology Publishing / PaintSquare
JPCL | PaintSquare News | Durability + Design | Paint BidTracker

Free Download of

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.

Van Air Systems
The Blast Pak

Van Air Systems' portable desiccant air dryer. Get dry compressed air with this All-In-One blasting and coating solution.


Montipower, Inc.
The MBX Bristle Blaster

Get a 2.7 to 3.3 mil profile and a Near White Metal Clean. For info visit www.mbxit.com or call 877 629-8777


Abrasives Inc.
One Call Orders it All!

Life is good when it’s simple. We distribute Clemco blast equipment, nozzles & parts alongside our proven blast media. Make your call: Abrasives Inc. 800-584-7524


Industrial Vacuum Equipment Corp.
Hurricane Vacuums
& Dust Collectors

Vacuum and dust collector hose, filters and related accessories.
IndustrialVacuum.com


Axxiom Manufacturing
Schmidt Introduces
the New miniBRS

Reduced in size, it is incredibly easy to maneuver and operate! The perfect alternative to larger blast & recovery units when project space is limited.
Call 1-800-231-2085


CHLOR*RID International Inc.
Surface cleanliness is
ESSENTIAL to coating
performance.

* TEST FOR SALTS
* PREVENT FLASH RUST
* REMOVE SALTS
More information at
www.chlor-rid.com,

800-422-3217


SAFE Systems, Inc.
Custom blast rooms
by SAFE Systems

Don't waste time and money "making do" with a "standard" design. Let us work with you to design and build the
system that best fits
your requirements.
Call 1-800-634-7278

 
 
 
Technology Publishing

The Technology Publishing Network

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

 
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 2000-2014, 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