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

 

Download our free Bridge Coating Systems eResource Book

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.

CHLOR*RID International Inc.
Free Webinar

Learn about soluble salts, along with a discussion on allowable levels.
More information at
www.chlor-rid.com,

800-422-3217


Fischer Technology Inc.
MP0R with rotating display screen

View your coating thickness readings from any angle with rotating display screen. New graphic display with easy menu navigation. Click for Video
Call 800-243-8417


DRYCO
The one way to control
a tank: DRYCO

Temporary climate control equipment. Dehumidifiers,
Heaters, A/C, Power, More…
Toll Free: 866-379-2600


DeFelsko Corporation
PosiTector Inspection Kits

PosiTector 6000 Coating Thickness Gage easily converts to a surface profile gage, dew point meter or ultrasonic wall thickness gage with a simple probe change.


Armakleen Company, The
ARMEX when nondestructive cleaning is critical

The gentle physical propriety of baking soda but yet aggressive cleaning ability is what makes ARMEX the only choice for nondestructive abrasive blasting.


Clemco Industries Corp.
Powerful Protection in a Small Package

Mounts inside blast helmet, alerts operator to dangerous breathing-air condition by audible, visual, and vibratory alarms. Easily calibrated, battery operated.


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


Bullard

The Next Generation
of Blasting

• Lightest
• Coolest
• Most Comfortable
• Most Dependable


Absolute Equipment/Grand Rental Station
Portable Power from Absolute Equipment

•Compressors
•Lighting Systems
•Generators
•Light Compaction
Sales • Rental • Service
Call 1-866-931-6655
Over a century of
providing excellence.

 
 
 
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