On September 27, the President signed into law H.R. 5297, the Small Business Lending Funding Act. The tax title of this bill, the “Small Business Jobs Act of 2010” (the Act, P.L. 111-240) includes a number of important tax provisions for businesses large and small, and changes for individuals as well. There are capital cost recovery tax breaks for businesses in the Act—liberalized and expanded expensing for 2010 and 2011, revived bonus depreciation for 2010 (and a new long-term contract accounting rule for bonus depreciation) and eased deductions for startup expenses.