02/13/2008
CONTACT: Ellen Valentino, 410-693-2226 or Jason Brewer, 202-406-4435
Small-business owners plan to use tax incentives to improve and expand their businesses
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(left to right) Bert Dodson Jr., Dodson Brothers Exterminating, Lynchburg, Va.; Bob McCutcheon, McCutcheon Apple Products, Frederick, Md.; Emmy Lewis, Lewis & Company Marketing Communications Inc., Alexandria, Va. |
WASHINGTON, D.C. -- Small-business owners that plan to take advantage of the tax incentives included in H.R. 5140, The Recovery Rebates and Economic Stimulus for the American People Act of 2008, were in attendance today as President Bush signed the bill into law.
Three small-business owners from Maryland attending the bill signing at the White House are members of the National Federation of Independent Business/Maryland, the state's leading small-business association. NFIB worked closely with the White House and members of Congress to ensure that the final stimulus package included key tax provisions to assist small-business owners, America's job creators.
"The stimulus plan gives us the confidence to expand our facilities immediately," said Bob McCutcheon, owner of McCutcheon Apple Products in Frederick, Md. "With these tax incentives, our business can move forward quickly with plans to invest in new equipment and hire new workers."
NFIB/Maryland members attending the bill signing:
- Scott Harding; FB Harding, Inc., Rockville, Md.
- Nick Vitale; Chartley Liquors, Reisterstown, Md.
- Bob McCutcheon; McCutcheon Apple Products, Frederick, Md.
"The stimulus plan will provide a shot in the arm for small-business owners across Maryland," said Ellen Valentino, state director of NFIB/Maryland. "Now that the package has been signed into law, small-business owners can take advantage of these tax incentives and make plans to invest in their business and create new jobs."
Key provisions included in the economic stimulus deal:
- One of the most important provisions included in the stimulus package is increasing the dollar amount for small-business expensing limits from $125,000 to $250,000. This will allow small-business owners to immediately write off business purchases and will help small-business owners expand their businesses and hire new employees.
- Another key provision included in the economic stimulus package is the 50 percent bonus depreciation deduction. This proposal provides an additional one-year depreciation deduction value to 50 percent of the value of the property. Bonus depreciation is an incentive for businesses to invest in their business now, providing an immediate deduction for half the cost of the investment.
