releases: http://hultgren.house.gov/newsroom/press-releases/house-passes-permanent-tax-relief-for-individuals-and-businesses
Data license: MIT · Data source: dwillis/congress-press
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| http://hultgren.house.gov/newsroom/press-releases/house-passes-permanent-tax-relief-for-individuals-and-businesses | House Passes Permanent Tax Relief for Individuals and Businesses | 2015-12-17 | 2015 | 2015-12 | Republican | House | IL | Randy Hultgren | H001059 | hultgren.house.gov | legacy | Washington, DC U.S. Representative Randy Hultgren (IL-14) today supported House passage of the Protecting Americans from Tax Hikes (PATH) Act, a combination of permanent and temporary extensions of tax relief for American individuals and businesses. In addition, the legislation includes important reforms to rein in the IRs and prevent fraud and abuse in the tax system. Every December, Americans worry whether they will face staggering tax hikes that will harm their families and their businesses. The PATH Act creates certainty, helps grow the economy, reins in the IRS, and signals a path forward toward real tax reform, said Rep. Hultgren. The bill ensures our small business can continue to expense equipment purchases, and provides teachers tax relief when purchasing classroom items. As we celebrate the Christmas season, it encourages charitable giving. It prevents harmful taxes on medical devices, and ensures Chicagoland residents using public transit can receive the same benefits as those who drive. Overall, this bill includes many policies I have supported that will be beneficial to Illinois and the nation. I look forward to Speaker Ryan employing his expertise in tax policy to pursue comprehensive and lasting tax reform in the future. The PATH Act includes important permanent and short-term extensions, including: PERMANENT extensions of the following policies: R&D credit:With a permanent research credit, business would have greater certainty when committing to investments in research and development. Code section 179 expensing:Immediate expensing helps cyclical businesses, especially farms, to invest in new property and equipment in profitable years, which averages out against the leaner years when cash flow is not as available to make such investments. State and local sales tax deduction Charitable Tax Policies, including The Fighting Hunger Incentive Act, The Permanent IRA Charitable Contribution Act, and The Conservation Easement Incentive Act of 2015. Active financing exemption 15-year recovery for leasehold and restaurant improvements Charitable contributions of S corporations 5-year recognition period for S corporation built-in-gains Deduction for teacher classroom expenses Temporary American Opportunity Tax Credit (a credit for qualified education expenses paid for an eligible student for the first four years of higher education) is made permanent Temporary changes to the Earned Income Tax Credit (reducing marriage penalties and assisting families with three or more children) are made permanent Temporary expansions of the Child Tax Credit (expanding refundability for low-wage workers) are made permanent 100 percent exclusion for small business stock Mass transit parity Employer wage credit for active duty military (includes expansion for all employers) Low-Income Housing Tax Credit (9% credit made permanent and military housing allowance) FIVE-YEAR extensions of the following policies: Bonus depreciation (50% for 2015-17, 40% in 2018, 30% in 2019) International tax relief: Controlled foreign corporation look-through rule The New Markets Tax Credit The Work Opportunity Tax Credit TWO-YEAR extensions of the following policies: Exclusion of discharged mortgage debt relief from gross income (modified) Mortgage insurance premiums treated as qualified residence interest Above the line deduction for qualified tuition and related expenses Indian Employment Tax Credit Railroad Track Maintenance Credit (modified) Mine Rescue Team Training Credit Qualified Zone Academy Bonds Race horses: 3-year recovery period Motorsports complexes; 7-year recovery period Accelerated depreciation for business property on Indian reservations (modified) Election to expense mine safety equipment Film and television expensing (modified) Section 199 deduction for activities in Puerto Rico Empowerment Zone tax incentives (modified) Temporary increase in rum cover over American Samoa economic development credit Nonbusiness energy property credit Alternative fuel vehicle refueling property credit 2-wheeled plug-in electric motor credit Second generation biofuel producer credit Biodiesel and renewable diesel incentives credit Indian Coal Production Tax Credit (modified) Credit for facilities producing energy from certain renewable resources Credit for energy-efficient new homes Special allowance for second generation biofuel plant property Energy efficient commercial buildings deduction Special rule for sales or dispositions to implement FERC or State electric restructuring policy for qualified electric utilities Credits relating to alternative fuels Credit for new qualified fuel cell motor vehicles Medical device tax moratorium ### | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |