Posted on March 3, 2011

Small Business Jobs Act of 2010 Tax Provisions in Effect Now

The Small Business Jobs Act of 2010 contains some provisions that take effect in 2011. The following is a list of the specific tax provisions that are now in effect:

* Sect. 2011: Temporary exclusion of 100% of gain on certain small business stock
* Sect. 2012: General business credits of eligible small businesses for 2010 carried back 5 years
* Sect. 2013: General business credits of eligible small businesses in 2010 not subject to alternative minimum tax
* Sect. 2014: Temporary reduction in S-Corporation built-in gain recognition period
* Sect. 2021: Increased expensing limitations for 2010 and 2011; certain real
property treated as Code section 179 property
* Sect. 2022: Additional first-year depreciation for 50% of the basis of certain
qualified property
* Sect. 2031: Increase in amount allowed as deduction for start-up expenditures in 2010
* Sect. 2042: Deduction for health insurance costs in computing self-employment taxes in 2010

For more information on the SBJA and these tax provisions, go to www.irs.gov and
search Small Business Jobs Act of 2010 Tax Provisions.