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

 

Get Paint BidTracker's Bridge Painting Opportunities of 2015

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.

WINOA Group
Steel Abrasives :Think Premium

The Premium series is the perfect mix of high-quality products and related technical services provided by skilled experts. Visit us during the GIFA (Hall15 - D14).


Polyval Coatings
Polyflex® Polyurea Linings

Polyflex ™ new Polyurea Geotextile Membrane System has been specifically engineered to protect the environment in containment applications.
www.polyflexlinings.com


Abrasives Inc.
Check our Prices for Blast Abrasives

Faced with higher abrasive costs? We invite you to call & check our rates on Black Magic® coal slag and other quality blast materials. Abrasives Inc. 800-584-7524


ITW Binks
Built for Tough Jobs

From Epoxies to Urethanes to other high solid coatings, the new Binks Airless 75 delivers a great finish using an ergonomic design. Visit binks.com for more information.


CS Unitec
Surface Prep & Material Removal

CS Unitec’s Floor Planers remove coatings & corrosion from concrete & metal surfaces. Produce keyed profiles for waterproofing applications. info@csunitec.com


DeFelsko Corporation
PosiTector 200 for concrete

Rugged, simple and affordable coating thickness gage for concrete measures protective coatings including polyurea.


SAFE Systems, Inc.
Portable Dust Collectors for Tough Environments

Trailer and skid-mounted models in numerous sizes, powered by electric and/or diesel. Sloped roofs, multiple dust inlets, high static, dampered fans. Lockable power & drive compartments.

 
 
 
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