Small Business Tax Bill Approved With Cell-Phone Fix Language

A bill intended to help small businesses with easier credit and other incentives passed both chambers of Congress this week, and is on its way to the White House for the President's signature. The bill also contains language eliminating burdensome recordkeeping by employers and employees who issue and use cell phones, Blackberries, and other handheld electronic devices.

Specifically, the Small Business Jobs Act, H.R. 5297, would remove these business-issued personal electronic devices from "listed property" for tax purposes. This would allow their cost to be deducted or depreciated like other business property without onerous recordkeeping requirements. This provision has been popular throughout the business and nonprofit communities.

The bill is expected to be signed into law shortly.

For more information, please contact:
Karin Johns