TaxAlmanac:Featured article/May 22, 2008

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House Extends Bipartisan Tax Relief to Families and Businesses

House Extends Bipartisan Tax Relief to Families and Businesses

Bill would keep millions of families from paying higher taxes, extend expiring tax benefits

WASHINGTON – The House of Representatives today passed legislation to extend vital tax relief to millions of families, strengthen investment opportunities for American businesses and encourage the production and use of renewable energy, by a strong bipartisan vote of 263-160. The legislation, H.R. 6049, the Renewable Energy and Job Creation Act of 2008, was introduced by Committee Chairman Charles B. Rangel (D-NY), who delivered the following remarks during debate on the House Floor:

“We now have an opportunity to reverse the trend of dangerous addiction to foreign oil and the lack of political will to do something to beat that addiction. Under the leadership of Speaker Pelosi, we have taken the initiative to pass legislation that will enhance our ability to promote our energy independence through the use of renewable sources and create green-collar jobs for American workers.

“The possibilities of this legislation are virtually endless when you think of the variety of sources we can use to produce renewable energy. This bill presents a great opportunity to explore new areas and develop new technologies.

“This legislation will also extend vital tax relief to American families and businesses whose tax bill would increase at the end of the year if we did not act. Tax relief provided in this bill include the research and development credit to help American businesses remain competitive, as well as deductions for State and local sales tax, real property tax for non-itemizers, tuition expenses, and out-of-pocket expenses for teachers. This bill would also expand the refundable child tax credit to help more than 13 million children and their families. Especially during tough economic times, there are millions of families who rely on these deductions for their economic security and this bill delivers the tax relief they deserve.”

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