Thursday, January 08, 2009

OBAMA SURPRISES WITH BUSINESS TAX BREAKS

In a surprising announcement, President-elect Obama has indicated that his upcoming stimulus package will include tax breaks for business. While lacking in details, the following breaks are expected to be included:
  • an extension of the net operating loss carryback period to five years for 2008/2009 losses;
  • a two-year extension of bonus first year depreciation;
  • enhanced expensing for business property; and
  • tax incentives for businesses that hire new workers.
Such relief will be welcomed, especially in light of the current business environment.
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