Rep. Jim Renacci (OH-16) today released the below statement after voting in favor of H.R. 5771, the Tax Increase Prevention Act. This legislation renews approximately 50 tax benefits for businesses, families, and charitable associations that expired on December 31, 2013 or during 2014.

“As a CPA and former small business owner for nearly 30 years, I know how important certainty is to an organization’s ability to hire and expand. This has only been reinforced when visiting with small businesses and families across Ohio’s 16^th District. That is why I was disappointed that Congress today continued its tradition of kicking the can down the road by only retroactively extending critical expiring tax policies.

“Make no mistake; both parties bear the blame for this most recent failure of leadership. However, although the longer-term deal brokered by House and Senate negotiators last week was far from perfect, it would have provided far more stability than the short-term retroactive package we passed today. The President’s veto threat, which came just as Republicans and Democrats were nearing compromise, was the final straw in the breakdown of negotiations.

“If we want to strengthen our economy and make it easier for small businesses to create jobs, we need to start by addressing these important provisions on a long-term basis. As a member of the Ways &  Means Committee, I am committed to working toward comprehensive tax reform in the next Congress, and providing the certainty Americans need to appropriately plan for their financial futures.”