The New Boss
The full text of the legislation is available on the White House’s Web site, but for those who don’t enjoy reading 1,071-page legal documents, here are a few of the tax incentives Relevant to small businesses:
• Bonus depreciation: The llargest portion of money, over $5 billion, can be found in this extension of the Economic Stimulus Act of 2008 (ESA). The cost of certain business expenses, such as cell phones, off-the-shelf computer software and office equipment, which are purchased and put into use during the calendar year, can be recovered over time according to a depreciation schedule. In order to allow businesses to recoup this money more quickly, these purchases are eligible for an immediate 50 percent write-off, reducing the amount of time needed to fully cover the item’s cost per the depreciation calendar. This benefit has been extended to purchases made through 2009.
- People:
- Obama
Kyle A. Richardson is the editorial director of Promo Marketing. He joined the company in 2006 brings more than a decade of publishing, marketing and media experience to the magazine. If you see him, buy him a drink.