The Delta Grassroots Caucus (DGC) is a broad coalition of grassroots leaders in the eight-state Delta region. DGC is also a founding partner of the Economic Equality Caucus,
which advocates for economic equality across the USA.

Key DRA Message: Don't Let Time Run Out on Small Business Tax Relief

Posted on December 06, 2010 at 11:12 AM

Federal Co-Chairman Chris Masingill of the Delta Regional Authority is providing excellent leadership in calling the attention of small business owners in the Delta to act this month on tax savings that are currently scheduled to expire on December 31, 2010. We convey the DRA’s statement below regarding aid to small business contained in the Small Business Jobs Act signed into law earlier this fall.

Sen. Mary Landrieu of Louisiana played a key role as chair of the Senate Small Business Committee for this beneficial legislation, and she spoke to our conference in September, 2010 at the time of this bill’s passage. This act includes approximately $12 billion in savings from eight tax provisions encouraging small business investments, which are a powerful engine for job creation. Chairman Masingill’s statement is very timely and informative, and we urge all our small business partners to act upon this information. Lee Powell, MDGC (202) 360-6347

FOR IMMEDIATE RELEASE December 2, 2010 CONTACT: Bill Triplett, Chief of Staff, (202) 689-4134 btriplett@dra.gov

Chairman Masingill Urged Delta Small Business Owners: “Don’t Let the Time Run Out on Small Business Tax Relief”

Clarksdale, MS – The Small Business Jobs Act signed into law earlier this fall includes an estimated $12 billion in savings through eight tax provisions encouraging small business investments. These tax savings are currently scheduled to expire on December 31, 2010. Businesses must act this month to secure the much needed tax relief.

Today, while in Kentucky addressing the Paducah Area Chamber of Commerce, Delta Regional Authority (DRA) Federal Co-Chairman Chris Masingill urged small business owners “not to let the time run out on small business tax relief.” Chairman Masingill views business development and small business entrepreneurship as “a significant components of long-term recovery for the Delta region.”

Under Chairman Masingill’s leadership, the DRA is ramping up its role in helping to create a climate of opportunity, ripe for job creation, through the coordination, collaboration, monitoring and leveraging of existing small business programs in the region. In the coming weeks, the DRA will be unveiling its own new strategy to help small businesses.

“In this tough economic climate, we must leave no stone unturned in terms of financial assistance for small businesses and entrepreneurs,” said Chairman Masingill. “We are grateful to the Senate Small Business Committee, under the leadership of the Delta’s own Senator Mary Landrieu (D-LA), and the Small Business Administration for fighting to secure tax relief for businesses. I encourage small business owners to take advantage of this last chance to secure real money in the bank for new investments. The clock is ticking, as small business owners must act this month to benefit from the expiring tax provisions.”

“With small businesses in the Delta facing so much economic uncertainty, the Small Business Jobs Act offers them a vital lifeline through $12 billion in tax cuts and greater assistance accessing capital,” said Senator Mary Landrieu, Chair of the Senate Committee on Small Business and Entrepreneurship and a lead sponsor of the legislation. “Unfortunately though, many of the most important provisions in this bill will expire in a few weeks. I am working hard to extend these benefits further but time may not be on our side. Ahead of these deadlines, I encourage the small businesses in the Delta areas to take advantage of these badly needed tax cuts while they are available. These tax savings can be used by small businesses to expand their businesses and hire more workers, at a time when millions of Americans are still out of work.”

Before year’s end, small businesses can take advantage of the following eight tax provisions:

  1. The highest small business expensing limit ever, of $500,000;

  2. Carry-back provisions on net operating losses of up to 5 years;

  3. Accelerated/bonus depreciation;

  4. Zero capital gains taxes for those who invest in small businesses;

  5. Increased deductions for start-ups;

  6. Deductions for employer-provided cell phones;

  7. Deductions for health insurance costs for the self-employed; and

  8. Limitations on penalties for errors in tax reporting that disproportionately affect small business.

Small business owners with questions about the provisions or in need of assistance in securing the relief should visit the Small Business Administration’s local resource page (http://www.sba.gov/localresources/index.html) to locate a district office or Small Business Development Center. Or, Kemp Morgan, the Authority’s head of project development, can be reached at (662) 624-8600, ext 18 or kmorgan@dra.gov.

The Delta Regional Authority is a federal-state partnership that serves 252 counties and parishes in parts of Tennessee, Alabama, Arkansas, Illinois, Kentucky, Louisiana, Mississippi and Missouri. Chris Masingill, appointed by President Obama, as DRA’s Federal Co-Chairman and the governors of the eight states comprise the Authority’s board.