Bill > S2237

This bill, the Small Business Jobs and Tax Relief Act, aims to stimulate the economy by providing tax incentives for small businesses. It introduces a temporary tax credit for employers who increase their payroll by offering a credit equal to 10% of the wages and compensation paid to employees in 2012 that exceeded the amount paid in 2011, with a maximum credit of $5 million. Additionally, the bill extends the 100% bonus depreciation allowance for business assets for an additional year, allowing businesses to immediately deduct the full cost of qualifying new or used assets purchased and placed in service. It also modifies the rules for corporate taxpayers regarding alternative minimum tax (AMT) credits, allowing them to accelerate the use of these credits in lieu of claiming bonus depreciation, which can help reduce their tax liability.