It seems like everyone but you and I are getting a bailout these days. However, President Obama signed into law “The American Recovery and Reinvestment Act of 2009″ and it contains numerous tax provisions aimed at small businesses.
SBA Advocacy Chief Economist Chad Moutray covers the small business impact of the stimulus package at a high level on the SBA’s Small Business Watchdog blog.
Here is a great nerdy (I have a degree in Accounting so I can tease) summary from the Journal of Accountancy:
Bonus depreciation: IRC section 168(k) is amended to extend the 50% first-year bonus depreciation through 2009 (through 2010 for certain transportation property and aircraft).
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