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Provisions of the Small Business Jobs and Credit Act of 2010

By Richard H. Stieglitz and Rita Chu

President Obama signed into law the Small Business Jobs and Credit Act (SBJC) of 2010 on Sept. 27. More than $12 billion in tax incentives and relief provisions that are contained in the Act will directly or indirectly affect law firms, partners, their staffs and their clients. The Act provides tax relief such as favorable expensing provision for assets acquisition; liberalizes business credit carrybacks; encourages investments in start-ups; and promotes retirement savings. The following are highlights of provisions that directly or indirectly affect law firms.

Increased Section 179 Expense Deduction

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