A provision Democrats sought that allows faster depreciation for new plants and equipment is also in the new law.
"In order for people to find jobs, businesses need to be hiring," Bush said. "So this new bill will provide tax incentives for companies to expand and create jobs by investing in plant and equipment."
The bill allows businesses to carry back net operating losses for five years and write off 30 percent of new investments in plants and equipment over three years. The provision was sought by computer-related companies such as International Business Machines Corp and Intel Corp, which hope it will boost sales of their equipment and software.
The bill began its journey a week after the Sept. 11 terrorist attacks as House and Senate leaders met with Greenspan and former Treasury Secretary Robert Rubin, now chairman of Citigroup's executive committee.
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