Ruppersberger Supports $650 Billion in Tax Relief
(Washington, D.C.) – Congressman C.A. Dutch Ruppersberger today voted in favor of a tax extenders bill that includes $650 billion in tax relief for businesses and individuals, including $560 billion in permanent tax relief. The bill passed in a 318-109 vote, with 77 Democrats supporting the measure.
“While not perfect, this bill is a balanced package that provides much-needed relief to both businesses and families,” Congressman Ruppersberger said. “By making many tax breaks permanent, we are creating more jobs and more certainty when our economy can use it most.”
“I’d prefer to see the bill fully offset and to address tax reform comprehensively, but now is not the time to let key tax breaks that are helping families make ends meet – such as the Earned Income Tax Credit, the child tax credit and the American Opportunity Tax Credit — expire. These three credits alone are helping 24 million working families.”
As the author of legislation to increase the $1,000 child care tax credit and make it permanent since 2007, Congressman Ruppersberger was particularly pleased to see similar provisions in the legislation that passed Thursday. Child care is the second biggest expense working American families pay after mortgage or rent.
Other highlights of the package include:
• The Research and Development Tax Credit will be made permanent.
• The Earned Income Tax Credit for low and moderate income workers will be enhanced and made permanent.
• The American Opportunity Tax Credit of $1,800 for various tuition and related expenses for the first two years of post-secondary education will be enhanced and made permanent.
• The deduction for certain expenses of elementary and secondary school teachers will be extended.
• Tax-free distributions from individual retirement plans for charitable purposes will be extended.
• The 20- percent employer wage credit for employees called to active military duty will be made permanent.
• The above-the-line deduction for qualified tuition and related expenses for higher education will be extended through 2016.
• The credit for purchases of new qualified fuel cell motor vehicles will be extended through 2016.
• The maximum monthly exclusion amount for transit passes and van pool benefits will be permanently extended so that they match the exclusion for qualified parking benefits.