On September 27, 2010, President Obama signed the Small Business Jobs and Credit Act of 2010 (the “Act”). While the primary goal of the Act was to create the Small Business Lending Fund, it also amends the Internal Revenue Code (“IRC”) to provide tax incentives for small business job creation. According to the United States Senate Committee on Finance, the Act will provide small businesses with $12 billion in tax cuts. Unfortunately, these tax breaks come at a cost, and the Act also includes some potentially unfavorable revenue raising provisions. Some of the more notable tax changes, including the revenue raising provisions, are outlined below.