President Signs Small Business Lending Bill

President Obama signed the Small Business Jobs Act on Sept. 27, which the Hardwood Federation says will lend $30 billion to community banks with the goal of lending money to small businesses. The new law includes $12 billion in tax breaks aimed at small businesses. “It would exclude from taxes all capital gains on sales of small-business stock, and accelerate tax write-offs for purchases of equipment and other property. Specifically, to motivate companies to spend money on equipment, the provision of the 2009 Recovery Act which allowed businesses to write off up to $250,000 of equipment is extended through 2011 and increased to a maximum of $500,000,” the Hardwood Federation said. The group also points out that hardwood suppliers might target restaurant owners and retailers, who could receive tax breaks for remodeling their stores or building new ones.

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