SMALL BUSINESS JOBS ACT (PART III OF IV)
The Small Business Jobs Act allows certain small businesses to "carry back" their general business credits to offset five years of taxes, providing them with a break on their taxes for this year while also allowing these credits to offset the Alternative Minimum Tax, reducing taxes for these small businesses.
The bill would change, beginning this year, the penalty for failing to report certain tax transactions from a fixed dollar amount to a percentage of the tax benefits from the transaction. With funds provided in the bill, the Small Business Administration will begin funding new Recovery loans, starting with the more than 1,400 businesses - with laons totaling more than $730 million - that are waiting in the SBA's Recovery Loan queue. In total, the extension of these provisions is expected to provide the capacity to support an estimated $14 billion in loans to small businesses.
Stay tuned for Part IV......