From tax enticements to hire new employees to tax write-offs for investors, SBA Administrator Karen Mills said the agency's partnership with credit unions and other lenders will continue to help kick start the small business sector.
Speaking at a National Press Club luncheon this afternoon, Mills said President Obama recently signed legislation to extend a "carryback" provision of the stimulus package which allows businesses with a net operating loss this year to amend their tax filings to carry that loss back five years to offset taxable income in such years. Congress is also looking at a provision to extend tax write-offs and to eliminate capital gains taxes for people who invest in small businesses in 2010.
Mills said the Obama administration is also talking with Congress about a short-term tax cut that will accelerate new hires. The SBA is leading an interagency group to increase the number of exporters and the countries they ship to.
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