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Federal Stimulus Package to Include Tax Break for Business

Thursday, January 24, 2008
By bMighty.com Staff

The rebate checks to individuals will get most of the attention, but the economic stimulus package worked out by the House of Representative and the White House will also include tax incentives for business.

The incentives for business are aimed at encouraging investment in infrastructure and equipment purchases. The amount small businesses can write off their taxes for new 2008 investments will double from $125,000 to $250,000. More business will be eligible for the deduction as well, as it will be available to companies making up to $800,000, raised from the current $500,000. There are also incentives to act quickly, featuring accelerated bonus depreciation provisions for investments in new plants and equipment: businesses can write off 50 percent for investments in 2008.

That's just the House plan, though. Senate Finance Committee Chairman Max Baucus (D-Mont.) has its own stimulus package in the works, and it might involve more direct relief to individuals such as extensions to unemployment insurance and food stamps. And Senate Committee on Small Business and Entrepreneurship Chairman John Kerry (D-Mass.) is also working on a package featuring tax relief.

Source(s): Fortune Small Business via CNNMoney.com

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