CCH Issues Special Tax Briefing on Small Business Jobs and Credit Act of 2010

Senate Passes Measure Aimed at Creating New Jobs; House to Act Next

(RIVERWOODS, ILL., September 16, 2010) – CCH has issued a Special Tax Briefing providing background and analysis of the Senate-approved Small Business Jobs and Credit Act of 2010 (H.R. 5297). To read the Briefing, please click here. CCH, a Wolters Kluwer business, is a global leading provider of tax, accounting and audit information, software and services (

The bill includes a package of enhanced small business tax incentives. In addition to many non-tax provisions related to small business lending and access to capital, tax provisions in the legislation include a retroactive extension of bonus depreciation, a doubling of the Code Sec. 179 expense limit, a five-year general business credit carryback, a 100-percent exclusion for qualified investments in small business, an increase in start-up business expensing and a five-year holding period for built-in gains of S Corporations. Other provisions address the tax treatment of business-provided cell phones, the penalty for failure to report a listed transaction, Roth accounts in 401(k), 403(b) and 457(b) plans and the treatment of nonqualified annuities.

Revenue offsets included in the legislation remove crude tall oil from eligibility for the cellulosic biofuels credit, increase the penalties for failure to file information returns, expand 1099 reporting of real estate rental payments, allow earlier IRS levies on federal contractor payments and address the sourcing rules for guarantee fees.  

The House is likely to pass the legislation the week of September 20 and send it to the President for his expected signature.

For More Information

Members of the press interested in speaking with CCH tax and accounting experts should contact Leslie Bonacum at 847-267-7153,; or Eric Scott at 847-267-2179,

For a copy of the Briefing on the Small Business Jobs and Credit Act of 2010, please visit

About CCH, a Wolters Kluwer business

CCH, a Wolters Kluwer business ( is the leading global provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. Among its market-leading solutions are The ProSystem fx® Suite, CorpSystem®, CCH® IntelliConnect®, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill. Wolters Kluwer ( is a market-leading global information services company. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.