President Obama Proposes Tax Credits, Other Assistance for Small Businesses

By Rieva Lesonsky
In his State of the Union address last week, President Obama had a lot to offer to the nation’s small businesses. Here are some of the ideas he proposed:
• Using $30 billion in TARP funds that the big banks have repaid to help community banks make additional loans to small businesses.
• Eliminating all capital gains taxes on investments in small businesses.
• Offering tax incentives for businesses that invest in new plants and equipment.
• Eliminating tax cuts for companies that move jobs overseas.
• Passing comprehensive energy and climate legislation to promote energy independence. Ultimately, President Obama said, the transition to a clean energy economy would create millions of new American jobs.
• A National Export Initiative to help small businesses increase exports. The president vowed, “We will double our exports over the next five years, an increase that will support 2 million new jobs in America.”
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