WASHINGTON, DC – Congresswoman Kay Granger issued the following statement on the passage of the Protecting Americans from Tax Hikes Act of 2015, which extends many of the most popular federal tax deductions:
“Americans will save billions of dollars on their federal taxes with the passage of this
‘tax extender’ bill. This legislation makes many important tax deductions and provisions permanent, including the ability to deduct state and local sales taxes on your IRS return, which is especially important for Texans. Additionally, the research & development tax credit is made permanent, which will encourage our innovators to invest and develop cutting edge technologies here in the US. Finally, the bill supports American businesses by making permanent the increased small-business expensing deduction on equipment and property, allowing them to plan ahead and grow their businesses and the economy.”
More information on the legislation is available at https://waysandmeans.house.gov/brady-highlights-how-the-path-act-helps-american-taxpayers/