WASHINGTON, D.C. – Today, Congressman Sanford D. Bishop, Jr. (GA-02) supported strengthening the economy and providing certainty to Middle and Southwest Georgia taxpayers by voting in favor of H.R. 5771, the Tax Increase Prevention Act of 2014. The bill extends more than four dozen tax provisions that expired at the end of calendar year 2013 that would benefit businesses and individuals; H.R. 5771 was approved by a vote of 378 to 46 and now goes to the United States Senate for its consideration.
“By lowering the amount of taxes paid, this bill strengthens America’s direct access to capital,” said Congressman Bishop. “The extension of tax credits and allowances in this bill is narrowly focused to where it is needed most – supporting America’s homeowners, growing jobs in Georgia, and stimulating our local economies.”
Regarding educators and students, the Tax Increase Prevention Act includes the tax deductions on expenses of elementary and secondary school teachers and a tax deduction on qualified tuition and related expenses. For property owners, the bill provides a low-income housing tax credit rate for newly constructed non-federally subsidized buildings; accelerated depreciation of qualified leasehold improvement, restaurant, and retail improvement property, of motorsports entertainment complexes, and of business property on Indian reservations; a tax credit for residential energy efficiency improvements; a tax deduction for energy efficient commercial buildings; and a tax credit for energy efficient new homes.
For business owners, film studios, and transportation, the bill includes a tax credit for differential wage payments to employees who are active duty members of the Uniformed Services; the expensing allowance for film and television production costs and costs of live theatrical productions; and a tax credit for qualified railroad track maintenance expenditures. The bill also supports the production of clean energy by providing a tax credit for second generation bio-fuel production; income and excise tax credits for biodiesel and renewable diesel fuel mixtures; and a tax credit for producing electricity using wind, biomass, geothermal, landfill gas, trash, hydropower, and marine and hydrokinetic renewable energy facilities.
For more information and full list of tax extenders, please click here.
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