Costa Highlights Central Valley Priorities in Tax Increase Prevention Act of 2014

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Published on Thursday, 04 December 2014 12:49
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Washington, DC — Congressman Jim Costa (Fresno-D) supported H.R. 5771, the Tax Increase Prevention Act of 2014, which would extend a number of tax relief provisions that had previously expired. These extensions would prevent tax increases for millions of families and businesses for the 2014 tax year.

“These tax extenders will provide some certainty that families and businesses will not be unfairly burdened by late changes in tax policy for the 2014 tax year,” said Rep. Costa. “While this legislation is only a temporary solution, I am pleased that there are a number of tax provisions included in the bill that will directly benefit the San Joaquin Valley.” 

Some of the provisions in H.R. 5771 will allow Valley homeowners facing foreclosure tax exemptions on the balance of their loan debt, and allow teachers to deduct certain school expenses, thereby ensuring their classrooms are properly equipped. In addition, the Valley’s business and agricultural communities will benefit from the extension of bonus depreciation and increased expensing limitations.

“It is unfortunate that we were not able to achieve comprehensive tax reform in this Congress and the yearly changes in tax provisions show the need for overall reform,” continued Costa.  “I look forward to working with my colleagues in the next Congress to craft a robust tax reform package that will allow our economy to grow and provide certainty in planning for the families and businesses in the Valley.”