WASHINGTON, DC – Rep. Cathy McMorris Rodgers (WA-05) released the following statement today after the passage of H.R. 5771, the Tax Increase Prevention Act, which provides American taxpayers certainty and includes over 50 provisions of the Internal Revenue Code (IRC) to help small businesses and individuals succeed.
“Looking ahead it is critical we pass comprehensive tax reform in order to provide both permanence and lasting certainty to Eastern Washington taxpayers. That being said, this legislation enables local small businesses to create new jobs, helps Eastern Washington manufacturers invest in new advancements, and creates new possibilities for moms and dads to get ahead – providing certainty for thousands of people across our state.
“It helps our community expand hydropower generation, providing support for this important renewable energy, and it helps Washington state residents keep more of their hard-earned income – empowering Eastern Washington to reach new heights.”
The Tax Increase Prevention Act extends, for one year, numerous tax relief provisions that expired at the end of calendar year 2013 or during 2014, preventing tax increases on millions of families and businesses.
It includes provisions to extend through 2014 the research and development(R&D) tax credit, which helps Eastern Washington manufacturers expand and grow. Additionally it provides an extension of credit for nonbusiness energy property in Eastern Washington.
The Joint Committee on Taxation (JCT) estimates that these provisions will reduce revenues by $44.7 billion over the ten-year budget window.