Single Page | 
Multiple Pages
Home > BizTimes Daily > Archives > September 7, 2010
Obama to announce plan for tax breaks for business expansions
Published September 7, 2010 - BizTimes Daily
1 of 8 | Next 
President Barack Obama will follow up his Milwaukee Labor Day appearance by announcing a robust new tax incentive program for businesses in Cleveland, Ohio, on Wednesday.
Obama will announce a plan to allow companies to write off 100 percent of their new investments in plant and equipment through 2011, a plan that White House economists say would cut business taxes by nearly $200 billion over two years.
The proposed change would allow companies to keep more cash now and is intended to give businesses that may be hesitant to invest an incentive to expand, acting as a spur to the overall economy.
The tax break would be retroactive to Sept. 8, the day it is announced, so companies won't delay planned investments while waiting for congressional action. It would extend to Dec. 31, 2011.
The plan would require Congressional approval. The House and Senate return from recess the week of Sept. 13 with a separate small-business lending bill as their first priority.
The proposal comes on the heels of Obama announcing in Milwaukee Monday a plan to pump $50 billion in additional economic stimulus investments in the nation’s roads, railways and airport runways.
"It doesn’t do anybody any good when so many hardworking Americans have been idled, yet so much of America needs rebuilding. That’s why I am announcing a new plan for rebuilding and modernizing America’s roads and rails and runways for the long term.
Over the next six years we are going to rebuild 150,000 miles of our roads - enough to circle the world six times,” Obama said at the Milwaukee Laborfest. “We’re going to lay and maintain 4,000 miles of our railways -enough to stretch coast to coast. We’re going to restore 150 miles of runways and advance a next-generation air-traffic control system to reduce flight-times and delays for American travelers. We used to have the best infrastructure in the world. We can have it again. We're going to make it happen. This will create jobs and make our economy run better over the long haul."
