Foster Votes For Tax Relief for Working Families and Businesses
Washington, DC - Today, Congressman Bill Foster (IL-11) voted for H.R.5771, the Tax Increase Prevention Act, a one-year extension of a number of tax relief provisions that are set to expire.
“As a scientist and businessman who started a manufacturing company that provides hundreds of good-paying jobs here in the Midwest, I know firsthand how important it is to provide this relief to working families and small businesses,” said Foster.
“I would have preferred a long-term agreement on tax reform, and I was disappointed that this legislation does not include an extension of the earned income tax credit or the child tax credit, which have historically received bipartisan support and are critical for working families. It is, however, important that we provide this relief for millions of small businesses and individuals as they prepare for the 2014 tax filing season, and I would urge the House Republican Leadership to use this opportunity to begin consideration of a comprehensive tax reform package,” added Foster.
H.R.5771 provides a number of tax relief measures for individuals and families, including deductions for teachers’ out-of-pocket classroom expenses, deductions for expenses paid for higher education, the ability for employers to provide transit benefits to their employees tax-free, and keeps mortgage forgiveness of the home a tax-free event.
The bill also extends tax relief to businesses by extending the research and development credit; extending the work opportunity tax credit, which provides tax credits to employers who hire and retain veterans and individuals with significant barriers to employment; and preserves businesses’ ability to deduct certain large costs. H.R.5771 also extends important deductions for ethanol, charitable contributions of food, and state and local sales taxes.
Text of the bill can be found here.