The House by a vote of 237-187 has passed H.R. 5297, the Small Business Lending Funding Act, as approved by the Senate on September 16. Thus, the measure is cleared for the President’s expected signature. Stay tuned for more details….
The tax title of this bill is called the Small Business Jobs Act of 2010. The Small Business Jobs Act includes a number of important tax provisions, including liberalized and expanded expensing for 2010 and 2011, revived bonus depreciation for 2010, five-year carryback of unused general business credits for eligible small businesses, removal of cell phones from the listed property category, and liberalized Code Sec. 6707A penalty rules.