How will MWBEs Benefit from the New Tax Bill?

The new tax bill, H.R. 8, the American Taxpayer Relief Act of 2012, is both excoriated and applauded. The new tax bill increases taxes on individuals, much to their dismay; but it also has a number of business tax provisions that extend and/or enhance popular tax deductions and credits that were set to expire. Now the onus is on MWBEs to take advantage of these provisions to expand their businesses in spite of an ongoing uncertain economic climate. The tax provisions primarily will extend provisions related to enhanced Code Section 179, small business expensing, the research tax credit, bonus depreciation, and the Work Opportunity Tax Credit.