Lucas Votes to Provide Tax Certainty and Relief to Families and Small Business

Dec 17, 2015
Economy
Press

Washington, D.C. – Congressman Frank Lucas (R-Okla.) today voted to pass the Protecting Americans from Tax Hikes (PATH) Act. The legislation, which passed by a bipartisan vote of 318-109, provides both permanent and multi-year extensions for several tax credits that millions of Americans rely upon.

“As the end of the year approaches, families and businesses are thinking about filing their tax returns for 2015. In order to adequately prepare, taxpayers must have a stable and predictable tax code that remains consistent from year to year. This tax extender package provides greater long term certainty to promote a stronger economy and help ensure Americans can keep more of their hard-earned dollars,” said Congressman Lucas.

“The permanent extension of Section 179, which deals with expensing certain equipment, helps several agriculture and construction businesses throughout rural Oklahoma to plan for the future. Enabling these businesses to make smarter decisions energizes our economy and spurs job creation and investment here at home.”

The PATH Act implements a number of oversight measures to the Internal Revenue Service (IRS) that the House has previously passed. These reforms include the immediate termination of any IRS employee who takes politically motivated action against a taxpayer and strictly prohibits IRS employees from using personal e-mail accounts to conduct their official business.

The PATH Act also contains temporary relief from some of the taxes associated with Obamacare. There is a two year delay (2018 and 2019) to the Obamacare excise tax on higher cost health care plans, also known as the Cadillac Tax. Additionally, the bill provides a one year delay to the Health Insurance Tax (HIT), which has been attributed to rising health insurance premiums for small businesses.

 

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