As you probably know by now, President Bush signed the economic stimulus package into law yesterday. Here's a press release from the Small Business Administration on the new legislation"
WASHINGTON: Steve Preston, Administrator of the U.S. Small Business
Administration, made the following statement today on the signing of HR 5140,
the Recovery Rebates and Economic Stimulus for the American People Act of
2008:
"This bill is a win for small businesses in three major ways: tax rebates will
stimulate short term consumer spending, some of which will flow to smaller
companies; a 50 percent bonus deduction on new equipment that normally
would be depreciated over the long term; and, it increases the limit on
expenses that small businesses can deduct from annual income.
"Small businesses create 2/3 of the new jobs in our economy and account
for half of non-farm GDP. It is vital for the nation that small businesses
stay healthy and growing. HR 5140 will give them a much-needed boost which
will enable them to expand their companies and create new jobs.
"On behalf of small business, I applaud the President for his leadership and
Congress for moving with such swiftness and bipartisanship.
"We continue to urge Congress to proceed with other vital small business
issues such as permitting health insurance pooling and deductibility, opening
up new markets with Colombia, Peru and South Korea, and guaranteeing that
taxes on small business earnings and investment donât rise."