ADMINISTRATION PROPOSES SMALL BUSINESS ASSISTANCE.

Bedford, Texas -- The following information was released by the Automotive Services Association:
President Barack Obama has proposed to Congress a $48 billion legislative package to aid small-business growth. The administration's package:
Eliminates taxes on capital gains from investments in small businesses
Provides a 10 percent tax credit for companies that create jobs or increase wages this year
Doubles the amount of startup expenses entrepreneurs can deduct from their taxes, from $5,000 to $10,000
Terminates country-specified immigration caps so that the United States can attract highly skilled workers
Extends 100-percent, first-year depreciation for one year, effective for qualified property acquired and placed in service before Jan. 1, 2013
Includes measures that will help businesses access financing consistent with investor protections, including:
Raising the offering limit under Regulation A from $5 million to $50 million, coupled with strong investor protections
Calling for a national framework that allows entrepreneurs and small businesses to raise capital through "crowdfunding"
Calling for changes in how current securities laws and regulations are phased in for smaller, young companies in their first years after going public in an initial public offering (IPO)
Increasing the Small Business Investment Company program to allow for up to $4 billion in annual support.
Obama addressed small-business growth in his State of the Union speech, saying: "Most new jobs are created in startups and small businesses. So let's pass an agenda that helps them succeed ... tear down regulations that prevent aspiring entrepreneurs from getting the financing to grow. Expand tax relief to small businesses that are raising wages and creating good jobs. Both parties agree on these ideas."
To view more information regarding the proposals, visit ASA's legislative website at www.TakingTheHill.com.
The Automotive Service Association is the largest not-for-profit trade association of its kind dedicated to and governed by independent automotive service and repair professionals. ASA serves an international membership base that includes numerous affiliate, state and chapter groups from both the mechanical and collision repair segments of the automotive service industry.
ASA advances professionalism and excellence in the automotive repair industry through education, representation and member services.