releases: http://kinzinger.house.gov/news/documentsingle.aspx?DocumentID=399275
Data license: MIT · Data source: dwillis/congress-press
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| http://kinzinger.house.gov/news/documentsingle.aspx?DocumentID=399275 | Kinzinger Votes to Prevent Tax Increase on Taxpayers and Small Businesses | 2015-12-17 | 2015 | 2015-12 | Republican | House | IL | Adam Kinzinger | K000378 | kinzinger.house.gov | legacy | Congressman Adam Kinzinger (R-IL) applauded House passage of H.R. 2029, the Protecting Americans from Tax Hikes (PATH) Act, a tax extenders package that will have permanent effects. share: f t WASHINGTON Congressman Adam Kinzinger (R-IL) applauded House passage of H.R. 2029, the Protecting Americans from Tax Hikes (PATH) Act, a tax extenders package that will have permanent effects. The Protecting Americans from Tax Hikes Act makes permanent critical tax policies will provide significant tax relief not only for hardworking taxpayers, but for businesses and job creators right here in Illinois, said Congressman Kinzinger. More permanence in our tax code will ensure the predictability, clarity, and certainty that is necessary for employers to plan ahead, hire new workers, grow their businesses and invest in the communities. The provisions in this bill will prevent a significant immediate tax increase on millions of Americans. And in years to come, individual Americans and U.S. businesses will no longer have to worry if Congress will take action to extend important tax relief policies like allowing State sales tax deductions; providing small business tax relief - including increasedsmall business expensing; and offering incentives for innovation- including the research and development tax credit. Research and Development Credit: This bill permanently extends the research and development tax credit. Additionally, beginning in 2016, small businesses may claim credit against alternative minimum tax (AMT) liability and the credit can be utilized by startups against the employers payroll tax liability. Small Business Expensing: It permanently extends Section 179 of the tax code regarding the small business expensing limitation and phase-out amounts. Under this bill, they are set at $500,000 and $2 million respectively and indexes these limits to inflation. Without extension, the limits have fallen to $25,000 and $200,000 respectively. Commercial Building Depreciation: The bill provides a shorter recovery period for qualified leasehold property, qualified restaurant property, and qualified retail improvement property. It provides a 15-year straight-line cost recovery period for leasehold improvements, restaurant buildings and improvements, and retail improvements, rather than a 39-year period. Military Differential Pay: Expands and extends the 20-percent employer wage credit for employees called to active military duty. Beginning in 2016, all employers will be eligible. | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |