Not a lawyer or accountant, but a very quick look says partnership/s-corp/homeowner (ha!) capital gains taxed at 0% extended 2 years if bought before end 2012, realized before end 2016. Options would count, I believe, but ask an expert. 100% exclusion from taxable income from startup investments made in 2011, but must be configured as an LLC. Also, mortgage interest and first-time homebuyer tax credits extended one more year. Some employment-based tax credits extended too, which might help fledgling startups a little.
It's lot of money just in terms of the tax incentives, as well as various benefit extensions and so on...from a financial planning standpoint it's like stimulus 2.0, $958 billion of red ink. Some economists are saying it's worth 0.5-1% more GDP growth next year. I worry it may be fiscal madness, but perhaps I'll be eating my words in 2 years' time.
That sounds exactly backwards from the previous (through 2010-12-31) exemption, and Grellas' discussion of what a 'qualified small business' is above. Typo?
Reid is still Senate Majority Leader next month.