Small Business Jobs Act of 2010
On September 27, 2010 President Obama signed into law a package of enhanced business tax incentives as part of a larger Small Business Jobs Act of 2010.
The new law extends bonus depreciation, extends and doubles Code Sec. 179 expensing, provides for 100% gain exclusion for qualified small business stock, relaxes the S corp built-in gain conversion rules, extends the carryback period for eligible small business credits to five years, removes cell phones from listed property, enhances the deduction for start-up expenses, provides retroactive Code. Sec. 6707A penalty relief, and allows a self-employment FICA tax deduction for 2010 health insurance costs.