BizSugar.com › Taxes › Hefty Tax Breaks Designed to Spur Business Spending

Businesses are big winners in the economic stimulus package signed into law earlier this year. They may not be getting rebate checks, but they are getting showered with $45 billion in tax breaks designed to spur them on to purchase more equipment, cars and other assets sooner rather than later.

Congress boosted the limit on first-year expensing of assets -- the so-called Section 179 deduction -- to $250,000 for 2008. That's up from $128,000 under previous law and means a business can instantly write off up to a quarter of a million dollars' worth of expenses that otherwise would be deducted over a number of years.