Congressman Alan Grayson (FL-09) has introduced twelve bills aimed at continuing certain tax deductions and credits for one year. These provisions, which save Americans money and boost the economy, have already expired or will expire this year.
The Grayson bills introduced today would amend the Internal Revenue Code to extend for one year the:
· Mortgage insurance premium deduction
· State and local general sales tax deduction
· Tuition and related expenses deduction
· Tax-free distributions from individual retirement plans for charitable purposes
· Business research credit
· Employer wage credits for employees who are active duty members of the uniformed services
· Work opportunity tax credit
· 15-year straight-line cost recovery for qualified leasehold improvements, qualified restaurant buildings and improvements, and qualified retail improvements
· Enhanced charitable deduction for contributions of food inventory
· Energy-efficient existing homes credit
· Energy-efficient new homes credit
· Energy-efficient appliances credit
“Our nation’s economy is still struggling to recover from the Great Recession,” Grayson said. “Students, business owners, young families, veterans, and charities are all counting on this assistance when they file their taxes and make economic decisions. We cannot afford to let these tax relief provisions lapse right now. We want businesses to continue to hire veterans. We want students to be able to deduct their tuition payments. We want to encourage food donations to charities who feed our communities. We should be doing everything in our power to extend these credits and deductions. That’s why I’ve introduced this package of legislation. Each bill will simply maintain these provisions for another year. If we pass this legislation immediately, Americans will benefit not only from the tax relief provisions, but also from greater economic certainty.”
