Obama proposes ways to aid small business hiring

AP News
Posted: Dec 08, 2009 11:34 AM

President Barack Obama is proposing ways to encourage new hiring by small businesses, including several tax incentives and new access to credit.

Obama put forward the measures in a speech Tuesday, in which he laid out some of the things he would like to see in a new jobs bill to address continued high unemployment. To help unlock credit for small businesses, for instance, Obama said he supports using money left over from the government's bank bailout to increase lending.

The tax measures include a one-year elimination of the capital gains tax on new investments, extending enhanced expensing provisions, extending a bonus depreciation tax incentive, and adding a new tax cut to encourage small business hiring in 2010.