The Obama administration is expected to propose permanently eliminating capital gains taxes on some types of small business investments held for over five years.
Like what you see? Click here to sign up for Accounting Today's daily newsletter to get the latest news and behind the scenes commentary you won't find anywhere else.
The White House is expected to announce the proposal Monday as part of a group of proposals aimed at encouraging small business entrepreneurship, according to The Wall Street Journal. The capital gains exemption extends a provision of last year’s Small Business Jobs Act that is set to expire this December.
Other proposals expected from the administration as part of its budget plan include an expansion of the New Markets Tax Credit, which aims to encourage more small businesses in disadvantaged communities.
The administration is also expected to highlight a new Startup America initiative led by America Online co-founder Steve Case. Intel and IBM are also expected to announce new investments in small businesses, and Facebook will be hosting Startup Days events at cities across the U.S.