House Passes Tax Relief for Hardworking Americans
Today, the U.S. House of Representatives passed tax relief. The legislation makes permanent a number of tax cuts for hardworking Americans. The bipartisan vote was 318-109.
Representative John Moolenaar (R-Midland) voted for the legislation and released the following statement:
“There has been too much uncertainty caused by the complicated tax code. This legislation provides tax relief for Michigan farmers by permanently extending Section 179 rules for expensing write-offs. This allows farmers to plan their finances with more certainty.
“The legislation also permanently extends the research and development tax credit that leading Michigan companies use to make innovative new products that are sold around the world. This will reduce the tax burden for Michigan businesses and create more jobs for Michigan residents.”
Highlights of the Legislation
- Permanently extends Section 179 provisions that farmers use to value their equipment.
- Permanently extends the research and development tax credit.
- Permanently extends tax-free distributions from individual retirement for charitable purposes.
- Delays the Affordable Care Act’s tax on medical devices until 2018.
- Allows individuals to use money in their 529 College Savings Plans to pay for a computer, an essential tool for student success.
- Extends the work opportunity tax credit through 2019, which incentivizes employers to hire qualified long-term unemployed individuals, including veterans.
- Allows for individuals to deduct larger charitable contributions made to agricultural research organizations.