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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.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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