The new law was passed by the Senate on Sept. 16, 2010 and the House on Sept. 23, 2010—and was signed into law by the President on September 2010.
The 2010 Small Business Act includes a number of important tax provisions, including liberalized and expanded expensing for 2010 and 2011, revived bonus depreciation for 2010, five-year carryback of unused general business credits for eligible small businesses, removal of cell phones from the listed property category, and liberalized Code Sec. 6707A penalty rules.
The Small Business Jobs Act of 2010 is a bit of a misnomer because the legislation carries many tax provisions affecting large as well as small businesses, plus changes that affect individuals, such as eased Roth IRA rules.
Click here to read more Overview of the 2010 Small Business Jobs Act
