Obama Proposes Tax Credit For Small Businesses
The Associated Press
NEW YORK (AP) â¿¿ Tax relief for small businesses that hired or gave raises to their workers last year is among the proposals that President Barack Obama revealed in his $3.8 trillion budget plan on Monday.
Obama's budget for the fiscal year that begins Oct. 1 also contains proposals that would streamline the application process for Small Business Administration loans and increase the number of lenders working with the SBA.
The tax credit, aimed at giving small businesses an incentive to hire and raise employees' pay, would be for companies that paid less than $20 million in wages in 2012. They could get a one-time credit of 10 percent for the amount paid to new workers and in raises to current workers. There would be a limit of $5 million on the credit.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV