Thaindian News

WASHINGTON, D.C. (BNO NEWS) — President Barack Obama on Monday will sign the Small Business Jobs Act, a bill that will give the nation’s small businesses support and incentives to help them grow and hire, the White House said.

The bill includes a series of small business proposals that the President put forth earlier in the year, and small businesses will start benefiting from the bill on day one.

The bill immediately extends successful SBA Recovery Act provisions, meaning that within a few days, it will restart the SBA’s Recovery lending, beginning with the more than 1,300 small businesses that have been waiting to get the credit they need – with thousands more benefiting in the coming weeks.

And the bill includes eight new small business tax cuts – all effective as of Monday, and applying to small businesses’ taxes for this year – providing an immediate incentive for businesses to make new investments and expand.

With the act, small business will be able to buy new equipment and immediately write off the first $500,000 of its investments; obtain key long-term investments, which will be subject to zero capital gains taxes; deduct the first $10,000 of start-up costs as an entrepreneur; and self employed individuals will be able to deduct 100 percent of the cost of health insurance for the person’s and his/her family from self-employment taxes.

Obama will be joined at the signing - scheduled at 1:45 pm ET in the East Room at the White House - by a group of small business owners who will benefit from the new legislation, some of whom the President has previously met with as he fought to pass this bill. He will also be joined by Small Business Administrator Karen Mills, Treasury Secretary Tim Geithner, and Members of Congress.