Senator Olympia Snowe said economic uncertainty motivated Senate Democrats to push for changes to help small businesses with a couple of significant issues.
Granted, it’s likely a staffer from Snowe’s office composed the entry at The Hill Blog, but the information therein merits attention. A couple of updates to legislation should be of interest to small business owners.
When President Bush signed the Economic Stimulus Act of 2008, it included Snowe’s provision regarding the expensing of investments by small businesses, where those purchases would normally fall under depreciation rules. Small businesses will be able to expense up to $250,000 of those investments.
Snowe also noted the Senate approved the Foreclosure Prevention Act of 2008, which included another provision from her that she championed for years. The proposal increased “the net operating loss carryback period to four years from the present two years.”
“I encourage my counterparts in the House of Representatives to pass this provision so that it can be signed into law, enabling small and large businesses alike to offset any losses incurred this year against profits from previous years and, in so doing, obtain an immediate tax refund they can use to sustain operations and preserve jobs,” said Snowe.
Snowe also noted she and Senator John Kerry continue to push for $101 million dollar above what the President requested to fund Small Business Administration initiatives. “It makes no sense to underfund one of the most successful catalysts for prosperity we have at our disposal,” Snowe said.