Washington, D.C.<\/b>—Today, Congressman Joe Donnelly voted for the Tax Extenders Act of 2009<\/i>, which would extend tax cuts that are scheduled to end soon for millions of middle-class families and small businesses. The bill passed the House by a vote of 241 to 181.<\/p>\n
“Creating jobs and helping our middle-class families and small businesses are two of my top priorities,” said Donnelly. “During these challenging economic times, we must do everything we can to provide relief to struggling Hoosier families and businesses. By providing nearly $31 billion in tax relief, we are helping to create jobs and strengthen our local economy.”<\/p>\n
H.R. 4213 would extend 40 tax provisions that are set to expire at the end of 2009. Among these provisions is one that would provide up to 30 million homeowners with property tax relief by extending the standard deduction for property taxes, allowing homeowners who do not itemize their tax returns to claim up to $500 per individual and $1,000 per joint filing. In 2008, Donnelly helped author a similar property tax bill that became law. <\/p>\n
In addition, the bill would provide for the extension of the popular research and development (R&D) tax credit, encouraging businesses to increase investments in technology and create more high-tech jobs for the twenty-first century. Approximately 70 percent or more of the benefits of the R&D tax credit are attributable to the salaries of workers performing U.S.-based research, and the credit stimulates American-made innovation.<\/p>\n
Also included in the bill is an extension of the “above-the-line” deduction for qualified education expenses up to $4,000, an extension of a law that allows teachers to deduct up to $250 of their personal, out-of-pocket classroom expenses, and an extension of a tax law to allow certain business and restaurant owners to speed up the depreciation of property improvements so that they can reinvest in their business and hire workers.<\/p>\n
The legislation was supported by the United States Chamber of Commerce and the American Farm Bureau. It is now pending before the Senate. <\/p>\n
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Washington, D.C.—Today, Congressman Joe Donnelly voted for the Tax Extenders Act of 2009, which would extend tax cuts that are scheduled to end soon for millions of middle-class families and small businesses. The bill passed the House by a vote of 241 to 181. “Creating jobs and helping our middle-class families and small businesses are […]<\/p>\n","protected":false},"author":4143,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-218429","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/218429","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4143"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=218429"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/218429\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=218429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=218429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=218429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}