”It’s a huge step in the right direction,” Giovanni Coratolo, director of Small Business Policy at the U.S. Chamber of Commerce, said Saturday. ”In this economy, having the least amount of risk for banks will incentivize banks to lend to small businesses. A lot of small businesses will benefit from this.” The White House announced a series of moves to great credit flowing to small businesses, as new direction on small business tax breaks:
- Losses over five years can be claimed in 2009.
- Write-offs of investments up to $250,000 can be claimed this year.
- Reduction of estimated tax to 90 percent of the previous year’s filing.
- Depreciation deductions for property purchases will be larger.
- Capital gains, 75 percent exclusion for businesses investments.