Senate OKs Economic Stimulus PackageSenate OKs Economic Stimulus Package
<a href="http://www.inc.com/news/articles/2008/02/package.html">Inc.</a>
The Senate has approved an economic stimulus package that doubles the amount small businesses can expense in equipment and property.Overall the plan cuts taxes on business investments by around $44 billion. For their part, small businesses will be able to write off up to $250,000 on such purchases, up from $125,000.
"Providing small-business owners with immediate tax relief gives them an incentive to invest and help jumpstart the economy," Sen. John Kerry, chairman of the Senate Committee on Small Business and Entrepreneurship, said in a statement.
The plan, which passed 81-16, is nearly identical to a package approved by the House last week and backed by the Bush administration.Inc.
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