var pausecontent=new Array()
pausecontent[0]='Extend and liberalize the work opportunity tax credit.
The credit is extended for 3.5 years with liberalized rules for hiring disabled veterans and workers in rural renewal counties.
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pausecontent[1]='Extend and enhance Section 179 small business expensing.
The (Code Sec. 179) expensing limit is increased to $125,000 and the investment-based expensing phaseout is increased to $500,000, effective for tax years beginning after 2006, and the enhanced expensing provision is extended for another year (through 2010).
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pausecontent[2]='Extend and enhance certain GO Zone tax incentives.
The small business expensing rules allowed for GO Zone businesses (i.e., $100,000 higher expensing limit and $600,000 higher phaseout point) are extended for one year (through 2008) for small businesses in the hardest hit area of the GO Zone. Also, the low-income housing credit rules for buildings in the GO Zones are extended and expanded, and the bond financing rules for repairs and reconstructions of residences in the GO Zones are modified.
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pausecontent[3]='Enhance the tip credit for certain small businesses.
The Federal minimum wage level for purposes of calculating the tip credit is frozen, thereby allowing restaurants to continue claiming the full tip credit despite an increase in the Federal minimum wage.
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pausecontent[4]='Simplify family business tax.
An unincorporated business that is jointly owned by a married couple in a common law state is permitted to file as a sole proprietorship (under prior law, unless the married couple was located in a community property state, both the married couple and the business were subject to penalties for failing to file as a partnership). The new law also ensures that both spouses receive credit for paying Social Security and Medicare taxes.
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pausecontent[5]='Waive individual and corporate AMT limitations on work opportunity tax credits and tip credits.
Prior law limited a small business\' ability to claim the work opportunity tax credit and the tip credit by imposing a limitation that such credits could not be used to offset taxes that would be imposed under the alternative minimum tax (AMT). The new law provides a permanent waiver of the individual and corporate AMT limitations for the work opportunity tax credit and the tip credit.
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