According to the National Federation of Independent Business.

In a major victory for NFIB and its members, Congress gave final approval Thursday to a stimulus package that includes important tax breaks for small businesses.

NFIB was the only group lobbying for one of the most important provisions included in the stimulus package: doubling the dollar amount for small-business expensing limits from $125,000 to $250,000.

This provision will allow small business owners to immediately write off business purchases and will help small business owners expand their businesses and hire new employees.

Increasing expensing for small businesses “would represent a huge victory for the National Federation of Independent Business, which sought the change,” said a recent article in Congress Daily, an influential publication covering the ins and outs of Congressional action.

Another key provision included in the package is a 50 percent bonus depreciation deduction. This proposal provides an additional one-year depreciation deduction value to 50 percent of the value of the property purchased by a small business. Bonus depreciation is an incentive for businesses to invest in their business now, providing an immediate deduction for half the cost of the investment.

"NFIB is pleased that the Congress voted to support small business, America's job creators, by passing a bipartisan economic stimulus package that includes tax incentives small business owners can use to invest in their companies and hire new employees," said Dan Danner, NFIB's executive vice president. "NFIB has worked closely with members of Congress to ensure that the final economic stimulus agreement included these important tax incentives to help small businesses, the true engine of the U.S. economy."

The president is expected to sign the bill shortly.