(Archived Content)
Treasury Deputy Assistant Secretary for Tax Policy Karen Gilbreath Sowell joined Commerce Secretary Carlos Gutierrez and National Association of Manufacturers President John Engler Friday to discuss the business incentives included in the Economic Stimulus Act of 2008. As part of the stimulus package, businesses are allowed to deduct up to 50% of the cost of equipment and small businesses are allowed to write off up to $250,000 of their expenses for 2008. These two provisions, along with over 130 million stimulus payments being sent out starting in May, are expected to create over 500,000 new jobs this year.
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