Posts Tagged ‘Act’
Leasing Incentives for Small Business Growth
The key to economic growth and productivity is the ability for businesses – particularly small businesses – to invest in needed equipment. Thanks to the recent passing of the Small Business Jobs and Credit Act of 2010, these businesses can insure their working capital remains accessible through leasing the equipment they need to not only stay afloat through these lean times but also help them expand and grow.
The Small Business Jobs and Credit Act increases the amount of investments that businesses would be eligible to immediately write for 2010 and 2011-from $250,000 to $500,000. Before this bill passed, the expense limit would have been only $25,000 next year.
This act temporarily eliminates all capital gains taxes on investments if held for five years. The bill would allow certain small businesses to “carry back” their general business credits to offset five years of taxes-providing them with a break on their taxes for this year-while also allowing these credits to offset the Alternative Minimum Tax.
Some of the highlights of the bill include:
* Higher SBA loan limits: from $2 million to $5 million; and 504 loans rise from a maximum of $1.5 million to $5.5 million. Loan fees for these stay gone for the 2010 tax year.
* A write-off of up to $10,000 of start-up expenses for new businesses.
* A business can take any credits their business has and apply them against any of the previous five years of this bill, as does Section 179 expense of up to $500,000 in the year of purchasing business equipment.
Small businesses that need tax deductions will certainly have more incentive to use bargain purchase option leases in lieu of this bill; particularly the right to “carry back” losses for five years.
VA Home Loans With Bad Credit: Special Qualifications and Tips
Serving the country as a member of the armed forces comes with many benefits. The 1944 Serviceman’s Readjustment Act, which many also know by the term GI Bill, was created to help armed forces veterans to get ahead after their service time has ended. One such benefit offered by the GI Bill is VA home loan assistance. This program allows vets to purchase a home with a low or minimal down payment. The VA will guarantee 25% of the loan instead. Also, those with bad credit are also able to find relief through VA loans.
Get a VA Loan: Meeting the Qualifications
The benefit of the VA home loan received through the Serviceman’s Readjustment Act (GI Bill) is that there is a guarantee from the department of Veteran’s Affairs (VA). This guarantee eliminates much of the risk associated with bad credit loans or low down payments. You can get a VA home loan with bad credit. However there are specific criteria that you need to meet as well. These qualifications include the following:
• No history of loan default within the last twelve months. Defaults in the distant past, though considered, can be disregarded if you have proven that you have reformed from your past mistakes.
• No bankruptcies on file in the past two years. Again, a bankruptcy on record will matter, but if you have made changes and allowed at least two years to pass, you can still get a VA home loan.
• Proof of current, gainful employment with a steady and reliable income. You need to display that you have the ability to pay for the home loan you seek.
Disabled Veterans