Washington, D.C.– Today, Congressman Erik Paulsen (MN-03) voted in favor of legislation to make permanent an important provision of the tax code. Paulsen is an original cosponsor of the bill, H.R. 4718, which will make the bonus depreciation provision permanent, allowing taxpayers to deduct the cost of property and equipment they use in the course of business. The legislation passed the House of Representatives on a bipartisan basis.  

“The United States is the only country in the world that allows important parts of our tax code expire,” said Paulsen. “The biggest reason we continue to see sluggish growth is the lack of investment from businesses around the country. This legislation gives employers the certainty they need to start investing once again and create a healthier economy.”

According to the Tax Foundation, permanently extending bonus depreciation would create 212,000 jobs and add $182 billion to the economy. A survey conducted by the National Association of Manufacturers found that more than a third of business owners said they would not make investments this year without bonus depreciation.

Paulsen, a champion of small business and advocate of free enterprise, entrepreneurship, and innovation, serves on the House Ways and Means Committee, the bicameral Joint Economic Committee, and is co-chair of the Congressional Medical Technology Caucus.

For more information on Congressman Paulsen’s work in Congress visit paulsen.house.gov. 

###