(Washington) – Congressman Ander Crenshaw today voted for legislation which will prevent tax increases on small businesses owners, families and seniors.  The Tax Relief Extension Reconciliation Act passed the House today with a vote of 244-185.

 

“Thanks to easing the tax burden on America, our economy has been growing in leaps and bounds,” said Congressman Crenshaw.  “We scored a great victory today in our efforts to continue this success by bringing this legislation one step away from President Bush’s desk.”

 

This legislation provides a two-year extension on the current reduced rates on capital gains and dividends.  Furthermore, it extends the Alternative Minimum Tax through the end of 2006 at a higher level than in 2005.  The new 2006 levels will be $62,550 for joint filers and $42,500 for single filers.  Provisions are also included to prevent the current $100,000 limit that small business can expense from decreasing and to enhance veterans’ access to affordable mortgages.

 

Pending Senate consideration on this legislation, it will be sent to the President for approval.