Newhouse Applauds Passage of Permanent Tax Relief for Families, Small Businesses
WASHINGTON, D.C. – Today, U.S. Representative Dan Newhouse (R-WA), released the following statement after the House approved H.R. 2029, the Protecting Americans from Tax Hikes (PATH) Act of 2015 on a vote of 318-109.
“Today’s passage of a bipartisan, pro-growth tax extender package is a huge win for families and small businesses in Central Washington,” said Rep. Newhouse. “Before today, Washingtonians were at a disadvantage compared to residents of states who are able to claim a federal tax deduction for state income taxes. Each year, Washingtonians had to wait at the whims of D.C. to know if they would be allowed a federal tax deduction for what they spend on state and local sales tax. Making the state and local sales tax deduction permanent when filing federal taxes promotes fairness in the tax code and allows individuals and families in Washington to keep more of the money they earn. In 2012, the average Washington taxpayer saved $602 from this federal deduction. This deduction will permanently reduce the tax burden on Washington families and give them the certainty they need to plan ahead financially.
“The agreement passed today also helps small businesses by blocking scheduled tax hikes from ever taking effect. Small businesses will now be able to rely on a permanent tax deduction of up to $500,000 on assets such as heavy machinery or office equipment. This provision will promote investment and give small businesses the long-term tax certainty they need.
“Together, these permanent deductions will go a long way to create fairness and protect families and small businesses from tax increases. I am proud to support permanent tax relief that boosts economic growth and creates jobs, injecting money into our economy instead of sending it to bureaucrats in D.C.”
H.R. 2029, the Protecting Americans from Tax Hikes (PATH) Act of 2015 makes permanent over 20 tax relief provisions, extends for 5 years or 2 years a number of other tax relief provisions that expired at the end of calendar year 2014, provides for a 2-year moratorium on the medical device tax, and includes a number of additional tax policy changes