Obama seeks small-business investments, tax breaks

WASHINGTON (AP) ? President Barack Obama says he wants Congress to act quickly on bipartisan legislation that would extend tax breaks for small business and to help startup businesses raise money. He says he would sign the legislation “right away.”

The president made his remarks at the start of a Cabinet meeting in the White House.

The Obama administration wants legislation to eliminate tax rates permanently on capital gains for investments in small businesses and extend for a year the ability of all businesses to immediately deduct all of the costs of equipment and software purchases.

The measures are modest by comparison to Obama’s 2009 economic stimulus or to last year’s jobs bill. But they center on bipartisan proposals already emerging in the House and Senate.