Aren't many of you guys business owners? How will this effect you
Geithner also ordered the Internal Revenue Service to issue a series of new rules for temporary but significant tax breaks, meaning that small businesses:
_That earn up to $15 million will be allowed to claim losses for the past five years in the current tax year;
_May write off up to $250,000 in investments this year.
_Can reduce estimated tax payments to 90 percent of the previous year's filing.
_Are allowed to take larger depreciation deductions within the first year of property purchases.
_And will see 75 percent of capital gains excluded for those who invest in small businesses.
The administration plan includes $730 million from the stimulus package to immediately reduce small-business lending fees and to increase the government guarantee on some Small Business Administration loans to 90 percent
The plan comes amid Republican efforts to cast doubt about Obama's ambitious budget, in particular the proposal to raise taxes, starting in 2011, on individuals earning more than $200,000 and on households earning more than $250,000. Those provisions also hit small businesses