Washington, D.C. (December 3, 2014)– Today, the U.S. House of Representatives passed H.R. 5771, the Tax Increase Prevention Act  with a bipartisan vote of 378-46.  The bill implements a one year extension of tax provisions that would otherwise expire and are essential to businesses, jobs, and families in the west.

Congressional Western Caucus Co-Chairs Steve Pearce (NM-02) and Cynthia Lummis (WY-At Large) released the following statements in response to the passage of the bill:

“Technological innovation is essential to a prosperous middle class and economic opportunity,” said Chairman Pearce. “This legislation provides stability for independent energy producers and manufacturers who have invested in energy efficiency. The tax provisions in this bill are essential to ensure that America’s economy, including the energy sector, has a chance to continue growing. The provisions will also help America’s agriculture industry, which contributes so much to Western conservation efforts.”

“These tax provisions provide critical relief to American taxpayers in this difficult economy,” said Chairman Lummis. “The state and local sales tax deductions level the playing field for states like Wyoming who use a sales tax instead of an income tax to make revenue. Continuing both depreciation and property expensing let job creators and individuals keep more of their money which in turn grows the economy and opportunities. Qualified education spending deductions and research and development tax credits ensure our students and businesses stay competitive in a rapidly advancing market. While I’m pleased we were able to pass the extension of these provisions for this year, I am disappointed that the President sank the previous bi-partisan deal the House and Senate agreed on that would have granted long term certainty to American workers and families.”