{"database": "press", "table": "releases", "rows": [["https://www.cassidy.senate.gov/newsroom/press-releases/cassidy-applauds-senate-passage-of-tax-reform-legislation-benefiting-louisiana", "Cassidy Applauds Senate Passage of Tax Reform Legislation Benefiting Louisiana", "2017-12-02", "2017", "2017-12", "Republican", "House", "LA", "Bill Cassidy", "C001075", "www.cassidy.senate.gov", null, null, "legacy", "12.02.17\n\t\t\t Cassidy Applauds Senate Passage of Tax Reform Legislation Benefiting Louisiana \n\t\t\t\n\t\t\tWASHINGTON\u2014 U.S. Senator Bill Cassidy, M.D. (R-LA), a member of the Senate Finance Committee, released the following statement after the Senate passed the Tax Cuts and Jobs Act, legislation that would cut taxes for working families in Louisiana.\r\n\u00a0\r\n\u201cThe Tax Cut and Jobs Act cuts taxes for working and middle-income families,\u201d said Dr. Cassidy. \u201cIt boosts the economy, repeals Obamacare\u2019s individual mandate, preserves the Historic Tax Credit, gives tax relief to victims of the 2016 floods in North and South Louisiana and provides money to rebuild our coastline. This is a good bill for Louisiana and the United States.\u201d\r\n\u00a0\r\nThe bill doubles the Child Tax Credit to $2,000, lowers income tax rates across the board, nearly doubles the standard deduction to $12,000 for an individual and $24,000 for a couple filing jointly, preserves the Adoption Tax Credit as well as deductions for home mortgage interest and charitable contributions.\r\n\u00a0\r\nAccording to the Tax Foundation\u2019s analysis, the bill will boost take-home pay for Louisiana families by more than $1,800 a year and create more than 12,600 new jobs in Louisiana alone. In an open letter to Congress, 137 economists announced their support for the tax reform effort, writing, \u201cEconomic growth will accelerate if the Tax Cuts and Jobs Act passes, leading to more jobs, higher wages, and a better standard of living for the American people.\u201d\r\n\u00a0\r\nAs a member of the Senate Finance Committee, Cassidy crafted or help spearhead several provisions in the Senate\u2019s Tax Cuts and Jobs Act, including those that:\r\n\u00a0\r\n\r\n\u00a0\r\n\r\n\u00a0\r\n\r\n\u00a0\r\n \r\nKeep full business expense deduction for automobile, truck, boat, motorcycle, and farm implement dealers who use floor plan financing. This will ensure small business dealers are treated fairly and are not subject to the risk of paying higher taxes, protecting jobs and economic growth.\r\n \r\n\u00a0\r\n \r\nReduce potential effects of a new investment excise tax on large private college endowments, helping small institutions such as Centenary College of Louisiana.\r\n \r\n\u00a0\r\n \r\nPreserve Private Activity Bonds (PABs), which are widely used for airport and seaport projects, affordable housing, and nonprofit health and education facilities. In 2016, over $72 billion in PABs were issued for investments in nonprofit hospitals and universities, along with over $12 billion in PABs for airports, housing, and rural public cooperatives.\r\n \r\n\u00a0\r\n \r\nKeep existing business structure commonly referred to as IC-DISC (Interest Charge Domestic International Sales Corporation). This will encourage small and medium businesses to export goods made in Louisiana.\r\n \r\n\u00a0\r\n \r\nIdentified deficit reduction mechanisms to help pay for a state and local property tax deduction up to $10,000, and an increased deduction (17.4 to 23 percent) for small business owners\u2019 qualified business income (\u201cpass-throughs\u201d).\r\n \r\n\u00a0\r\n###\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\n\t  \n\n\t\n\t\n\t\n\t\n\t \n\t\t\n\t\t\tPrint\n\t\t\n\t\t\n\t\t\t\n\t\t\tEmail\n\t\t\n\t\t\n\t\t\t\n\t\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\tTweet\n\t\t\t\n\t\t\n\t \n\t\n\t\n\n\t\n\t\n\t\n  \n\t\n    \n    \n    \n    \n    \n    \t\n    \t\n\t    \t  \n\t\t    \n\t\t    \n\t\t    \tPrevious Article", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.cassidy.senate.gov/newsroom/press-releases/cassidy-applauds-senate-passage-of-tax-reform-legislation-benefiting-louisiana"], "units": {}, "query_ms": 1.4369499403983355, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}