Washington, May 10 -  Congressman Jim Gerlach released the following statement today after joining his Republican colleagues in supporting passage of H.R. 4297, the Tax Increase Prevention and Reconciliation Act of 2005. The legislation extends tax relief provisions critical to the continued growth of the economy.

“This tax relief is crucial for the continued success and growth of our economy. Millions of hard-working small business owners and young families have depended on this relief to build up savings, invest in themselves and their businesses, and pursue the American dream. The economy has created more than 2 million jobs in the last year and the national unemployment rate is at a record low. Continuing the tax relief will continue the pro-growth policies championed by this Congress,” Rep. Jim Gerlach said.

According to the House Committee on Ways and Means, H.R. 4297, the Tax Increase Prevention and Reconciliation Act of 2005, would, among other things, accomplish the following:

• Capital Gains and Dividends – Two-year extension of reduced capital gains and dividend rates through 2010. Rates would have increased, without action, after 2008.

• AMT Relief – Extension of AMT relief for 2006, including increased exemption levels and favorable treatment of non-refundable personal tax credits.

• Relief for Small Businesses -- Two-year extension of enhanced section 179 expensing through 2009.

A more comprehensive breakdown of the H.R. 4297 Conference Report is available on line at http://waysandmeans.house.gov.

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