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Bank Of America Urges Small Business Owners to Take Advantage of Bush Tax Relief Plan; Nation's #1 SBA lender announces support for plan's small business benefits.
CHARLOTTE, N.C. -- CHARLOTTE, N.C., June 18 /PRNewswire/ -- Bank of America , America's No. 1 Small Business Administration (SBA) lender, announced today its support for President George W. Bush's tax relief plan as it pertains to providing tax incentives for the expansion of small businesses. The tax plan, recently passed as a broad-based economic stimulus package, provides small business owners with incentives for new-equipment investment.
Under the tax relief plan, small businesses can deduct from their taxes up to $100,000 -- up from $25,000 -- in new equipment. If they invest more than $100,000 they qualify for a 50 percent bonus depreciation that further reduces the cost of their investment.
"All financial institutions involved in lending to small business should ensure their clients are aware of and take advantage of this important incentive," said Dana Drago, Bank of America Small Business Bank President. "Expansion through the purchase of new equipment and the ability to expense capital dollars more quickly is a vitally important stimulant -- ultimately providing the small business with greater stability, growth and often job creation in the marketplace."
Bank of America is the number one SBA lender in the country with 3,917 loans granted in fiscal year 2002.
"In 2002 we doubled our SBA lending by recommitting to this segment and reaching out to the small business owners and entrepreneurs in all the communities we serve," said Drago. "This is the right thing to do ...
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