NEW YORK CITY: Legislation signed into law recently by President Barack Obama contains provisions that can benefit dentists who purchase equipment or upgrade their practices. The Small Business Jobs Act, described by the Small Business Administration (SBA) as “the most significant piece of small business legislation in over a decade,” is designed to help small businesses drive economic recovery and create jobs.
Keith Drayer, vice president of Henry Schein Financial Services, told Dental Tribune Online that dentists who attend the upcoming Greater New York Dental Meeting (GNYDM) and other events can take advantage of several specific provisions in the law.
“These are favorable developments for dentists, whether they are sole practitioners or those practicing in a larger practice arena,” Drayer said.
According to Drayer, there are three particular aspects of the Small Business Jobs Act of 2010 that will beneficially help dentists:
- First, the allowable deduction for capital equipment purchased doubled to absolute record levels of $500,000 for 2010 and again for next year, 2011.
- Second, for the first time dentists can take a deduction for qualified real property improvements which for 2010 and 2011 is set at $250,000.
- And, third, the 50 percent additional first year bonus depreciation was extended for 2010.
The new law extends SBA-enhanced loan provisions while offering billions more in lending support, tax cuts and other opportunities for entrepreneurs and small business owners, according to the SBA.
“Healthcare-specific lenders with access to capital are a great source to discuss assisting dentists in realizing their practice goals,” Drayer said.
The legislation was signed into law on Sept. 27 by President Obama.
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